April 29, 2026

Iran’s Currency Hits Record Low as US Blockade Deepens Economic Strain

The Iranian rial has dropped nearly 15 percent in the past two days as shipping disruptions, falling output, and an oil storage crunch strain Tehran's finances.

Iran’s Currency Hits Record Low as US Blockade Deepens Economic Strain

TL;DR

  • The Iranian rial hit a record low of about 1.8 million to the U.S. dollar on April 29.
  • This decline raises fears of a new inflation surge in Iran's already strained economy.
  • The currency had been relatively stable initially but began sliding earlier this week, dropping nearly 15 percent in two days.
  • The depreciation may increase the cost of imported goods like food and medicine, as well as local products reliant on foreign inputs.
  • Iran's central bank reported a year-on-year inflation rate of 65.8 percent recently.

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