Iranian rial plunges to record low as US prepares new sanctions

Tehran - The Iranian currency plunged to a record low on the open market on Monday (24/8), hours before the United States announced a new wave of sanctions aimed at further isolating Tehran.

The rial fell to 2.02 million per US dollar when trading opened on the foreign exchange market, while the official exchange rate set by the Central Bank of Iran stood at around 1.5 million rials per US dollar.

The currency, which was already under pressure before the joint US-Israeli strikes on 28 February, has continued to hit new record lows as the conflict, now nearly six months old, increasingly weighs on Iran’s economy.

US Treasury Secretary Scott Bessent on Monday warned of an ‘Economic D-Day’ for Iran, announcing what he described as an economic assault on Iran’s financial networks worldwide.

According to the US Treasury Department, the new sanctions target five key sectors: digital assets, technology, gold, aviation, and shipping.