Iran’s Rial Currency Hits Record Low Against Dollar As Shaky Ceasefire With US and Israel Still Holds
Iran’s national currency fell to a record low of around 1.8 million rials to the U.S. dollar on Wednesday, marking a sharp decline just days after relative stability during weeks of conflict. The drop comes as a fragile ceasefire between Iran, the United States and Israel remains in place, while economic pressures on the country continue to intensify.
TEHRAN, (AMIR VAHDAT), April 29: Iran’s national rial currency hit a record low Wednesday of 1.8 million to $1 as a shaky ceasefire with the U.S. and Israel still holds. The rial had remained stable for weeks during the war, which began Feb. 28, in part because there was little trading or imports coming into the country. The rial began to slide two days ago, hitting the record low Wednesday. Experts warn the fall of the rial is likely to further fuel inflation in a country where many imported goods, from food and medicine to electronics and raw materials, are affected by the dollar rate.
The war is now in a ceasefire, but a U.S. blockade has continued to increase pressure on Iran’s already-battered economy, cutting into a key source of government revenue and hard currency by stopping or intercepting oil shipments. US Appears Cold to Iranian Proposal To End War Without Nuclear Deal.
The latest slide comes months after a previous currency shock helped fuel nationwide protests in January. At the time, the rial weakened from about 1.4 million to 1.6 million to the dollar in less than a week, deepening public anger over rising prices and fears about the country’s economic future. Pete Hegseth Faces First Congressional Grilling Since Iran War as USD 1.5 Trillion Defense Budget Comes Under Scrutiny.
Iran’s economy has faced decades of sanctions, chronic inflation and a widening gap between official and open-market exchange rates. The war, which lasted weeks, added new strain to businesses, households and state finances.
(The above story first appeared on LatestLY on Apr 29, 2026 04:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).