Iranian rial hits fresh record low as US dollar tops 2.5M in free market

A man holds the Iranian toman equivalent of 1 USD as US dollar’s selling rate on the free market reaches an all-time high, hitting the 200,000 toman mark in Tehran, Iran on August 24, 2026. [Fatemeh Bahrami – Anadolu Agency]

Iran’s rial fell to a fresh record low against the US dollar on Tuesday, with the free-market rate crossing 2.5 million rials per dollar, Anadolu reports.

The dollar was quoted at 2.542 million rials, up 3.84% from the previous day, according to Pashizi, a website tracking Iran’s free foreign exchange market. It reached an intraday high of 2.548 million rials.

The latest decline follows a series of record lows for the currency. The dollar reached 2.4 million rials in the free market on Monday, amid heavy US sanctions and high inflation.

Iran’s currency has weakened further since the US-Israeli assault began in February, as the war and a US naval blockade put additional pressure on the economy.

The latest slide comes as mediators work with Washington and Tehran on talks aimed at reopening the Strait of Hormuz.

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