economy

April 30, 2026

Iranian currency hits all-time low amid US blockade

The Iranian rial hit a new record low on Wednesday as the country’s economy enters its most dire straits yet, amid a U.S. blockade of the Strait of Hormuz.

Iranian currency hits all-time low amid US blockade

TL;DR

  • The Iranian rial hit a new record low, exacerbated by a U.S. blockade of the Strait of Hormuz.
  • The blockade prevents Iran from acquiring foreign currency through exports, causing the rial's value to decline significantly.
  • The currency fell roughly 15% in two days, with the exchange rate reaching 1.81 million rials to one U.S. dollar.
  • Iran is experiencing sky-high inflation, reported at 65.8% from March 20 to April 20.
  • One million Iranians have lost their jobs directly, and another million indirectly, since the war began.
  • The economic crisis is at its worst point, described as unsustainable and potentially triggering new protests.
  • Previous currency devaluation and inflation triggered protests in December, which were met with a harsh crackdown.

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