Iran’s rial has plunged to unprecedented lows against the US dollar amid escalating tensions over Iran’s nuclear program.
The exchange rate initially dropped below 1 million rials during the Persian New Year (Nowruz) celebrations when currency shops closed, forcing informal street trading that added pressure to the market. When traders resumed operations Saturday, the rate declined further to 1,043,000 rials per dollar. Some Tehran merchants even turned off electronic rate displays as uncertainty grew about how much lower the currency might fall.
International sanctions have severely impacted Iran’s economy, particularly since President Donald Trump unilaterally withdrew from Tehran’s nuclear agreement with world powers in 2018. After returning to the White House in January for his second term, Trump revived his “maximum pressure” campaign, targeting Tehran with sanctions and pursuing companies trading Iranian oil, including those selling discounted crude to China.
Trump has written to Iran’s Supreme Leader Ayatollah Ali Khamenei, attempting to initiate direct talks between the countries. Iran has thus far indicated willingness only for indirect negotiations.
Iranian President Masoud Pezeshkian stated Saturday that Iran would engage in dialogue with the US as equals, though he didn’t specify whether Tehran would participate in direct talks. “Today, America is not only humiliating Iran, but also the world,” Pezeshkian added, apparently referencing recent Trump policies, including import tariffs. “If you want negotiations, then what is the point of threatening?” he questioned.
Western nations, led by the US, have long accused Tehran of pursuing nuclear weapons – allegations Iran rejects, maintaining its nuclear activities serve solely civilian purposes. In 2015, Iran reached a landmark agreement with UN Security Council permanent members (US, France, China, Russia, UK) plus Germany to regulate its nuclear program.
During Trump’s first term, Washington withdrew from the agreement in 2018 and reimposed sanctions. In response, Iran rolled back its commitments and accelerated its nuclear program.
On Monday, Ali Larijani, a close adviser to the supreme leader, warned that while Iran wasn’t seeking nuclear weapons, it would “have no choice but to do so” if attacked.
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Iranian Currency Crashes To One Million Rial Per Dollar As Trump Pressures Tehran
Iran's rial has plunged to unprecedented lows against the US dollar amid escalating tensions over Iran's nuclear program. The exchange rate initially dropped below 1 million rials during the Persian New Year (Nowruz) celebrations when currency shops closed, forcing informal street trading that added pressure to the market. When traders resumed operations Saturday, the rate declined further to 1,043,000 rials per dollar. Some Tehran merchants even turned off electronic rate displays as uncertainty grew about how much lower the currency might fall. International sanctions have severely impacted Iran's economy, particularly since President Donald Trump unilaterally withdrew from Tehran's nuclear agreement with world powers in 2018. After returning to the White House in January for his second term, Trump revived his "maximum pressure" campaign, targeting Tehran with sanctions and pursuing companies trading Iranian oil, including those selling discounted crude to China. […]
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