Iran's rial reaches record low as US dollar approaches 1.92 million rials

1. US dollar hit a new record of 1,918,000 rials on Iran's open market Friday Newsworthy Reliable Very negative
2. Iran's official minimum wage of 166,255,500 rials valued about $87 at current exchange rates Newsworthy Reliable Very negative
3. International Monetary Fund projects Iran’s economy to contract by 6.1% in 2026, reversing prior growth forecasts Newsworthy Reliable Very negative
4. Inflation in Iran is forecasted at 68.9%, worsening household income value and living costs Newsworthy Reliable Very negative
5. Iran’s economic downturn linked to damage of infrastructure, lower exports, and Strait of Hormuz disruptions Relevant Reliable Very negative
6. British pound and Euro also rose, reaching 2,576,500 and over 2,190,000 rials respectively Relevant Reliable Very negative
7. Iran’s rial depreciation increases costs of imports, raw materials and medicine amid sanctions and economic mismanagement Relevant Reliable Very negative
8. Iran uses several official and semi-official exchange rates but the open-market rate is most relevant for households and businesses Relevant Reliable Neutral

Type: standard news · Analysis confidence: 95%

Used in syntheses

• US expands strikes on Iranian bridges and ports causing casualties • Iran retaliates with missile strikes on Gulf allies including Kuwait's desalination plant • Strait of Hormuz blockade disrupts global oil flow • Air cargo rates rise and US firms receive $71B tariff refunds • ConocoPhillips invests in Iraqi oil to counter Iran