Iran's currency plunges to record low as war takes its toll

30/04/2026 05:11 AST

Iran's national rial currency hit a record low of 1.8 million to the US dollar on Wednesday as the Middle East war took its toll on an already crumbling economy.

The fall in value in the past two days is likely to further fuel inflation in a country where imported goods from food and medicine to electronics and raw materials are affected by the dollar rate, experts said.

Demand for foreign exchange ?that built up during six weeks of fighting with the US and Israel ?is now flowing into the open market, they said.

Despite a ceasefire, a US blockade of Iranian ports has increased pressure on Iran's economy, cutting into a key source of revenue and hard currency by stopping or intercepting oil shipments.

US and Israeli strikes on Iranian infrastructure have also battered the economy by forcing ?Tehran ?to suspend exports of steel and petrochemical products, which are important foreign currency earners for the heavily sanctioned country.

According to Iran's central bank, year-on-year inflation for the month from March 20 to April 20 was 65.8 percent, a trend which is likely to accelerate ?as Iran's currency weakens ?and Tehran is faced ?with reconstruction needs.

Iran's currency lost about 70 percent of its value in 2025, which was the spark for nationwide anti-government protests.


AP

Most Viewed Companies

Ticker Price Volume

Exchange Rate against US Dollar

US Dollar 1.00
Euro 0.88
British Pound 0.77
Japanese Yen 113.21
Saudi Riyal 3.75
Kuwaiti Dinar 0.30
Derham Emirati 3.67
Bahraini Dinar 0.38
Omani Riyal 0.39
Qatari Riyal 3.67

Recent News

Dollar Set for Second Straight Weekly Fall despite US-Iran Clashes

11/05/2026

The dollar was down and heading for a second straight weekly fall on Friday as investors stayed cautiously optimistic about a swift end to the Middle East conflict, after President Donald Trump said

Asharq Al Awsat

Indian rupee sinks close to Dh26 as shock from Gulf tensions bites

06/05/2026

The Indian rupee plunged to a record low on Tuesday, breaching 95 against the US dollar and sliding close to the 26-mark against the UAE dirham, as surging oil prices and escalating Gulf tensions int

Khaleej Times

Indian rupee, Pakistani rupee and Philippine peso remain soft, boosting dirham for expats. Remit now?

05/05/2026

Soft Asian currencies continue to give UAE expatriates more value for every dirham they send home, with the Indian rupee, Philippine peso and Pakistani rupee all trading near some of their weakest le

Gulfnews

Bitcoin tests $80,000 breakout as ETF inflows surge

05/05/2026

Bitcoin is mounting a fresh assault on the $80,000 level as strong inflows into exchange-traded funds (ETFs) revive institutional momentum, though analysts caution the rally still needs a decisive br

Khaleej Times

Dollar Gains as Iran War Keeps Central Banks in Wait-and-see Mode

23/04/2026

The dollar edged up against the euro on Wednesday on lingering concerns about the ongoing US-Israeli war with Iran, even after President Donald Trump extended the ceasefire to give Tehran more time t

Asharq Al Awsat

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap