The Iranian rial fell to its lowest level ever against the dollar on Monday after the U.S. currency climbed above 240,000 tomans in the free market, equivalent to 2.4 million rials, according to Iranian media, amid continued price increases and turmoil in the foreign-exchange market.
Currency rates in the parallel market
The dollar traded at about 240,000 tomans, while the euro changed hands at 273,000 tomans and the British pound at 318,000 tomans.
Data from Bonbast, a website that tracks exchange rates, showed the dollar trading at about 2.45 million rials in Tehran's unofficial market, compared with an official central-bank rate of around 1.5 million rials to the dollar.
Economic pressures and sanctions
Many Iranians rely on the unofficial market to obtain U.S. currency. The rial's decline comes amid continued economic pressure and U.S. sanctions, alongside uncertainty over the course of talks between Tehran and Washington.
Uncertainty over Tehran-Washington talks
U.S. President Donald Trump had rejected an Iranian proposal for de-escalation, while expecting talks to resume during the current week.
The dispute includes the conditions for reopening the Strait of Hormuz and lifting the blockade and sanctions imposed on Iranian oil.
