Rial Approaches Record Low as Economic Pressure Reaches Breaking Point

The rial trades at approximately 1,430,000-1,440,000 per dollar on the eve of what will become Iran's largest protest movement since 1979. The currency has lost roughly 50% of its value in six months, from around 700,000 in January 2025 to 900,000 by mid-year and now approaching 1.44 million. Exchange shops in Tehran report being overwhelmed with sellers, with some refusing to transact altogether as the rate changes hourly. Black market activity has moved largely to encrypted messaging platforms.