The rial was trading at around 2.688 million rials per U.S. dollar on Saturday, down from about 2.632 million the previous day. In an attempt to stabilize the currency, Iran’s Central Bank has announced plans to sell up to $2 billion in U.S. currency through state-owned banks.
The currency’s collapse comes amid severe economic pressure, including sanctions, disruptions to oil exports and rising inflation. Iran’s economy is also being affected by the continuing tensions surrounding the Strait of Hormuz, a major route for global oil shipments.
The sharp decline in the rial is making imports and everyday goods increasingly expensive for people in Iran, while many are turning to foreign currencies and gold as a way to protect their savings.
