TEHRAN: The US dollar has crossed 2.45 million Iranian rials in Iran’s open market, pushing the Iranian currency to a new historic low.
Reports said the dollar was trading at around 2.405 million rials at the start of trading on the previous day. Its value increased during the day, eventually surpassing the 2.45 million-rial mark.
The dollar was trading at around 2.33 million rials a week earlier, while it stood at approximately 1.11 million rials a year ago. This means the dollar’s value against the Iranian rial has more than doubled over the past year.
The continued decline in the rial’s value is putting further pressure on the prices of imported goods, raw materials and other essential commodities in Iran.
The latest depreciation comes as Iran faces significant economic pressure, while efforts for indirect talks with the United States are also continuing. According to Reuters, US and Iranian officials have held separate discussions through intermediaries, with further talks expected to focus on a revised draft of a seven-day proposal put forward by Iran on the sidelines of the United Nations General Assembly.
The US-Iran discussions cover several issues, including the situation in the Strait of Hormuz, sanctions and Iran’s nuclear programme. Regional tensions and disruptions to trade are also adding to economic pressures facing Iran.
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