Iran's Rial Hits Record Low as Central Bank Injects Dollars

The Iranian rial reached a new record low on Saturday after falling past 2.6 million rials per U.S. dollar, prompting the central bank to announce an injection of up to $2 billion in foreign currency support. The currency's collapse follows months of severe economic contraction driven by a U.S.-led naval blockade that has halted oil exports and blocked sea-based imports.

Analysts describe Iran as experiencing a "slow meltdown," noting that inflation is near 90% while GDP is expected to shrink significantly this year. Since the start of the war in February, the currency value has plummeted approximately 170%, dropping from around $35 per dollar in early 2018.

To combat the crisis, state banks began selling dollars on Saturday, with prices reported at roughly 2.69 million rials to one U.S. dollar by late October 2026. Despite these efforts and previous interventions that pushed rates as low as $35 per rial in August 2018, traders in Tehran continue to push the exchange rate toward new depths amid fears of returning unrest.