Iran’s Rial Hits New Record Low Amid Economic Strain

Iran’s rial fell to a fresh record low on Tuesday in unofficial markets, with the US dollar quoted at approximately 1.47 million rials, as authorities attempt to ease public frustration over soaring prices.

According to traders, the euro trading around 1.72 million rials and the pound at about 19.94 million rials, The Caspian Post reports, citing Iran International.

The recent decline follows sharp fluctuations since late December, when the currency’s plunge helped spark protests in Tehran and other cities, which have increasingly taken on a broader political dimension.

In response, the government has proposed new relief measures after moving to restrict access to subsidized foreign exchange used for importing basic goods-a system critics argue has created market distortions and rent-seeking while failing to control inflation.

President Masoud Pezeshkian’s administration has signaled it will shift support toward households, including a proposed monthly electronic credit or coupon scheme aimed at cushioning low-income families from price rises as the subsidy regime is rolled back.

Iran’s economy has been hit by years of sanctions and chronic inflation, and many Iranians turn to hard currency and gold as stores of value during bouts of political and economic uncertainty.