US dollar hits record high of 1,060,000 rials in Iran’s market
The value of the US dollar surged to an unprecedented 1,060,000 rials in Iran’s free market on Sunday, setting a new all-time record as fears of renewed UN sanctions deepened.
The value of the US dollar surged to an unprecedented 1,060,000 rials in Iran’s free market on Sunday, setting a new all-time record as fears of renewed UN sanctions deepened.
By mid-afternoon, the rate had reached 1,062,600 rials, continuing a sharp climb that added more than 30,000 rials since Saturday. The jump comes amid heightened expectations that the snapback mechanism will be activated, reinstating international sanctions previously suspended under the 2015 nuclear deal.
On September 20, the dollar opened trading at around 1,013,000 rials and rose to above 1,035,000 by midday, immediately after the UN Security Council rejected a South Korean draft resolution that would have permanently lifted sanctions. With the measure defeated, all restrictions are now set to reimpose automatically from September 27.
The rial has faced repeated shocks since Donald Trump returned to the White House. The latest surge follows months of volatility, with the dollar climbing to 1,058,900 rials in April when US B-2 bombers were deployed to the region. Optimism over nuclear talks briefly brought the exchange rate down to 820,000 rials after a second round of negotiations in Rome, but subsequent Israeli strikes on Iranian targets reignited the currency’s slide.
Even after a ceasefire was announced, the US dollar remained high at 930,000 rials and later climbed back above 940,000 on speculation over snapback sanctions. Despite occasional dips, the overall trend has been steadily upward, culminating in Sunday’s record high.
The collapse of the rial underscores Iran’s deepening economic vulnerability as diplomatic isolation grows, with markets responding sharply to both international pressure and the stalled state of nuclear negotiations.
