Iran rial hits record low against dollar amid US blockade

This picture shows new Iranian bank notes of 1 million, 500,000, and 100,000 rials on August 3, 2025. (ATTA KENARE / AFP)
This picture shows new Iranian bank notes of 1 million, 500,000, and 100,000 rials on August 3, 2025. (ATTA KENARE / AFP)

The Iranian rial has plummeted to a record low against the dollar, according to currency-tracking websites, as a US naval blockade of the country’s ports continues.

On the black market, the rial is trading at around 1.8 million rials against the dollar, the Bonbast and AlanChand websites report. When the war erupted two months ago, one dollar was traded at about 1.7 million rials.

Iran officially has several fixed exchange rates, but the two websites are generally used as benchmarks for unofficial rates.

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