Iranian rial hits record low as dollar tops 2.1 million

September 3, 2026 at 08:49 AM2 min

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The Iranian rial fell to a record low on Wednesday, with the US dollar surpassing 2.1 million rials on Tehran's free market for the first time. The euro reached 2.55 million rials and the British pound nearly 2.98 million rials. Central Bank Governor Abdolnaser Hemmati said the regulator is ready to inject $2 billion into the currency market to stabilize the situation.

Key Facts

The US dollar traded above 2.1 million rials on Tehran's free market on Wednesday, a record high.
The rial has lost about 63% of its value against the dollar since the start of the Iranian calendar year in March, when the dollar traded at about 1.35 million rials.
Central Bank Governor Abdolnaser Hemmati said the regulator is ready to inject $2 billion into the currency market.
The euro reached a record 2.55 million rials and the British pound nearly 2.98 million rials.
The UAE dirham, used as a benchmark for the regional rial rate, rose to 600,000 rials for the first time.

Currency Collapse

The Iranian rial fell to a historic low against the US dollar on Wednesday, with the greenback surpassing 2.1 million rials on Tehran's free market. The euro reached a record 2.55 million rials, while the British pound traded at nearly 2.98 million rials. The UAE dirham, a key benchmark for the regional rial rate, rose to 600,000 rials for the first time. Since the start of the Iranian calendar year in March, the rial has lost about 63% of its value against the dollar, which then traded at about 1.35 million rials.

Central Bank Response

Central Bank Governor Abdolnaser Hemmati announced the regulator is ready to inject $2 billion into the currency market to stabilize the situation. Hemmati attributed the recent exchange rate surge to psychological factors rather than real economic conditions. He acknowledged that high inflation and rising prices are putting serious pressure on the population. Since March, the Central Bank has provided more than $18 billion in foreign currency for imports of essential goods, medicines, feed, and raw materials.

Market Impact

The rial's depreciation has accelerated amid war and increased economic pressure on Tehran, including restricted access to regional banking systems and trade channels. Problems with export supplies have reduced the inflow of foreign currency into the country. The price of 18-karat gold exceeded 225.7 million rials per gram, and the Imami gold coin reached 2.26 billion rials. Iran operates a dual exchange rate system, with an official rate for government operations and subsidized imports, while the public and businesses rely on a much higher market rate. On the market rate, the dollar cost about 220,000 tomans on Wednesday, the unofficial unit equal to ten rials that most Iranians use in daily transactions.