The Iranian rial hit a record on the Tehran open market on 29 September 2026, with more than 2.5 million rials per US dollar, according to AP. Sanctions, infla…
Upheaval in 1979 and a war economy from 1980 left Iran running different exchange rates for different transactions.
The unofficial rate rose from 1,806 to 2,635 rials per dollar in 1994 and to 4,036 in 1995, before modern sanctions.
The Congressional Research Service says unofficial value fell about 56% from January 2012 to January 2014.
Sanctions returned on 7 August and 5 November 2018. The rate neared 150,000 rials per dollar.
The 42,000-rial import rate ended in May 2022; a 285,000 rate began in December. The gap with the market widened.
Protests began 28 December over prices, the falling rial and subsidy cuts; demands later widened. The rial hit 1.5 million on 27 January.
The rial held at first, then fell after the 13 April blockade cut oil revenue. It hit 1.8 million on 29 April.
The rial eased toward 1.53 million after 17 June, but the ceasefire collapsed on 8 July.
About 2.1-2.2 million on 2 September, then more than 2.5 million on 29 September. An open-market rate, not the official one.
Read the complete story, FAQs and key facts.