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One dollar now costs 2 million rials as Trump’s sanctions squeeze sends Iran’s currency to all-time low
Iran’s currency crashed to a historic low Sunday, with the dollar reaching 2 million rials on the open market, Iran International reported. The rial has surged more than 7% against the dollar in under a week and more than doubled in decline from 958,000 rials recorded the same period last year.
The collapse follows US President Donald Trump’s announcement of sweeping new sanctions he described as the “most crushing economic operation ever taken against any country.” The British pound topped 2.72 million rials; the euro neared 2.34 million.
Ordinary Iranians, however, say the government remains insulated. “The tip of the sanctions spear,” one resident told Iran International, “is aimed directly at the people.”