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Iran's currency hits record low as war, US sanctions rattle economy

2026-04-30 20:42:48, Kosova & Bota CNA

Iran's currency hits record low as war, US sanctions rattle economy

Iran's currency has fallen to its lowest level against the US dollar as the two-month conflict continues to rattle the country's economy, which has already been battered by sanctions.

Airstrikes by the United States and Israel on Iran, which began on February 28, along with a US naval blockade of Iranian ports and ships, have cut off Tehran's vital oil exports, hampered domestic production and fueled inflation.

Iran's national currency, the rial, fell to a new low of 1.81 million rials to one US dollar on April 29, before recovering the following day.

According to Iranian media, the rial has lost nearly 15 percent of its value in recent days.

Iran and the United States reached a ceasefire agreement on April 8, however Washington increased economic pressure by imposing a naval blockade on April 13.

This blockade has made it even more difficult for Tehran to strengthen its currency through exports.

According to the Central Bank of Iran, annual inflation, which was over 40 percent before the war, rose to 50 percent by April 4.

Iranians say the prices of basic products such as rice, eggs and chicken have increased significantly since the start of the conflict.

Rising inflation was one of the factors that sparked nationwide protests in January, which posed one of the biggest threats to Iran's clerical government since the 1979 Islamic Revolution.

Authorities responded to the protests with unprecedented force, killing thousands of people, according to human rights groups.

Iran has also attempted to inflict major economic damage on the United States and its allies.

Tehran responded to the US-Israeli airstrikes by virtually closing the Strait of Hormuz, which is a vital sea route for global oil and gas supplies.

This action has shaken international energy markets and destabilized the global economy.

On April 29, the price of Brent crude oil rose by almost 7 percent, topping $126 per barrel. This is the highest increase since Russia began its full-scale invasion of Ukraine in 2022./REL





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