The Iranian rial fell to a new all-time low Monday, surpassing two million rials to the US dollar for the first time, according to financial data cited by N12.
The Iranian rial breached the symbolic threshold of two million to the US dollar for the first time on Monday, reaching a new all-time low. The development comes a day after The Zioneer reported that the United States was preparing to announce new economic sanctions described as an "economic D-Day," adding further pressure on a currency already in freefall.
As The Zioneer reported on Sunday at 15:27 Jerusalem time, the US sanctions announcement was expected amid the currency's decline. The rial had been weakening steadily in recent weeks: on July 20 it stood at 1.95 million per dollar, on July 17 it neared two million at 1,918,000, and on July 15 it weakened further with the dollar approaching 190,000 toman. Earlier, on July 2, the rial was at 1.77 million, and on the same day reports indicated that US-Iran negotiations were heading toward collapse. In June, the UAE agreed to release $10 billion in frozen Iranian funds, as The Zioneer reported on June 12.
The currency's collapse reflects a broader economic crisis. As The Zioneer documented on August 4, annual inflation stands at 89%, with long fuel queues and surging food prices. The regime's efforts to stabilize the economy have failed despite diplomatic overtures and asset releases.
No official response from Tehran has been reported as of Monday afternoon. The extent of further sanctions and their impact on the rial remains to be seen.
4 developments
- StrongIranian rial plunges to new record low of 2.1 million per dollar
- DevelopingIranian rial slides further, dollar nears 190,000 toman in Tehran market
- DevelopingIranian rial loses 13% of value in under two weeks despite Hormuz opening
- DevelopingShekel surges 1% as dollar plunges on US-Iran deal expectations
Source and signal
- Open-source intake