Iranian Rial Plunges to Historic Low: Dollar Equals 2.2 Million Rials

Reuters reported that two online platforms tracking exchange rates in the parallel market showed the Iranian currency plummeting to an unprecedented record low, surpassing 2.2 million rials per US dollar, amid renewed military strikes. The Iranian rial fell by approximately 10% last week. The volatile currency has lost about half its value over the past year, a period marked by tightened US sanctions and attacks launched by the United States and Tel Aviv starting in February. US Treasury Secretary Scott Bessent said that airlines, the maritime sector, and digital assets could be potential targets, as part of President Donald Trump’s administration’s efforts to strangle the Iranian economy. Bessent had previously indicated that sanctions on a bank cooperating with Iran were likely to be imposed within a week, adding that the United States was considering sanctions against aircraft leasing companies dealing with Iran as part of the economic campaign against Tehran.