Tehran, Iran – On Sunday, the US dollar exchange rate approached the 200,000 toman mark in the Iranian free market, reaching a new all-time high. Data from the Iranian Gold and Currency Information Network showed the US currency trading near 198,000 tomans. Meanwhile, some trading and exchange platforms recorded selling prices very close to the 200,000 toman threshold.
This rapid rise comes after the dollar began trading last week at around 186,500 tomans, gaining over 6% in less than a week. This record surge also puts the Iranian toman at a crossroads, testing the psychological barrier of 200,000 tomans for the first time in its history. Furthermore, it took the currency only about 15 months to more than double its value from the 100,000 toman level.
Traders and analysts attribute this rapid collapse of the local currency to a complex set of economic and political factors, primarily runaway inflation, a surge in demand for foreign currencies as a safe haven, and a sharp decline in foreign exchange inflows. Furthermore, escalating fears of tightened US sanctions and continued political uncertainty are playing a key role in fueling panic in the markets.
Iran is facing severe economic pressure after nearly six months of war and military escalation that began with US and Israeli strikes. Simultaneously, the disruption of oil exports through the Strait of Hormuz and the blockade of Iranian ports have exacerbated the foreign trade crisis and deprived the state treasury of vital hard currency resources, all while political negotiations have stalled.
