Iran Currency Plunges to Record Lows Amid Escalating U.S. Tensions By Reuters | Feb. 8, 2025
Saturday, 8 February 2025، 04:32 PM
The rial plunged to 892,500 to the dollar on the unofficial market on Saturday. Facing an official inflation rate of about 35%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, gold or cryptocurrencies, suggesting further headwinds for the rial. The dollar has been gaining against the rial since trading around 690,000 rials at the time of Trump's re-election in November amid concerns that Trump would re-impose his "maximum pressure" policy against Iran with tougher sanctions and empower Israel to strike Iranian nuclear sites (Read more at USNews).
