Iran’s Currency Hits New Low: About 2.7 Million Rials to the Dollar

The Iranian rial has reached a new low. According to a report on the "Investing.com" website, about 2.7 million Iranian rials are now worth one U.S. dollar. Over the course of a year, Iran’s currency has lost more than half its value.

According to the report, the Iranian rial hit a new low against the dollar in less than five days. Yesterday, it was trading at its current price, compared with 2.632 million on Friday. Following the decline, Iran’s state-run banks began selling foreign currency totaling up to $2 billion, in an attempt to increase supply and stabilize the rial.

Inflation in Iran currently stands at more than 70%, driving up the cost of food, rent, and basic goods. At the same time, many Iranians are moving their savings into dollars, other foreign currencies, and gold in an effort to protect the value of their money.

It should be noted that U.S. sanctions and the naval blockade are also in the background, having harmed Iran’s ability to export oil and bring foreign currency into the country.