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What is the rial’s exchange rate against the dollar?
The Associated Press reported that Tehran traders exchanged more than 2.5 million rials for one U.S. dollar on Sept. 29, 2026. The previous reported record was 2.2 million on Sept. 2. On Oct. 3, Iran International put the open-market dollar rate at around 2.7 million rials. The two reports describe different dates; they are not simultaneous quotes.
Iran International’s Oct. 3 market observations also put the euro above 3 million rials, the British pound at about 3.52 million, and the UAE dirham above 730,000. These are reported open-market rates, not official exchange rates. The same report compared the dollar with a rate of around 1.1 million rials about a year earlier; that comparison is not adjusted for inflation or purchasing power. Iran International’s Oct. 3 report provides the latest figures cited here.
Why are there different exchange rates in Iran?
Iran has multiple exchange rates. The Central Bank’s official rate is used for state transactions and subsidized essential imports, while the free-market rate is the one available to ordinary people and businesses and is significantly weaker, according to Euronews’ Sept. 2 report. That report did not give a contemporaneous official rate figure for Oct. 3. The market quotes above should therefore not be read as the rate at which the government exchanges currency for official purposes.
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Why is Iran’s currency falling?
No single explanation is established. Reports point to the cumulative effects of longstanding sanctions and restrictions on oil exports and access to foreign currency, as well as a U.S. naval blockade, conflict-related costs, inflation, uncertainty, market expectations, and domestic policy decisions. Officials and critics disagree about how much weight each factor carries.
The Associated Press said the blockade on Iranian oil and new sanctions imposed since the war began added to economic distress. Euronews described the rial’s slide accelerating after the U.S. reimposed a naval blockade on Iranian ports in July, with pressure on regional banking channels, trade routes, and oil revenue. Iran International’s Oct. 2 account also cited sanctions and blockade pressure, alongside uncertainty and market expectations.
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Central Bank governor Abdolnaser Hemmati argued that psychology played a large role, saying, “The dust created in the foreign exchange market will settle, and the recent increase in exchange rates is driven more by psychological factors than by real economic factors,” as quoted by Euronews. That is the governor’s characterization, not an uncontested account of the decline.
What did the Central Bank say it would do?
The Central Bank said it planned to inject $2 billion in banknotes into the market. Iran International reported on Oct. 2 that the move had not halted the rial’s decline by that date; Euronews also reported the governor’s readiness to make the injection. The available reports do not establish the intervention’s longer-term effect.
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How does the falling rial affect prices and businesses?
A weaker rial makes imported goods and inputs more expensive in local currency, including medicines, machinery, and raw materials. Iran International reported that September 2026 consumer prices were 89.8% higher year on year, and that average inflation over the preceding 12 months was 73.6%, citing Statistical Center of Iran data. Those inflation measures describe broad price changes; they should not be attributed to the exchange rate alone.
The Associated Press reported rising medicine prices and availability problems. Official statistics cited in its report say Iran produces more than 80% of its medicines domestically, but many products still rely on imported raw materials. The head of the government drug-pricing agency said 2,000 types of medicine had their prices “amended” in the preceding six months. These are medicine-sector figures, not measures of overall inflation.
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Payment channels can also complicate medicine supply. Reza Majdzadeh, a professor at the University of Essex’s School of Health and Social Care, told the AP: “A medicine may be perfectly legal to sell to Iran, but a bank may refuse to process the payment.” He was describing how financial sanctions and institutional caution can obstruct transactions even when the medicines themselves are not directly sanctioned.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How does this compare with earlier rial declines?
The Congressional Research Service documents earlier episodes of sharp depreciation. During U.S. implementation of the JCPOA, the rial’s market value was about 35,000 per dollar; after sanctions were reimposed, it had fallen to 150,000 by Nov. 5, 2018. It was about 265,000 per dollar in September 2020. The CRS also cited Statistical Center of Iran inflation of about 45% in 2021. These historical figures use different dates and are not directly comparable to the 2026 market quotes as measures of purchasing power.
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- 150,000 rials per dollar by Nov. 5, 2018 — Congressional Research Service.
- About 265,000 rials per dollar in September 2020 — Congressional Research Service.
- About 45% inflation in 2021 — Statistical Center of Iran, as cited by the Congressional Research Service.
The Congressional Research Service’s Iran sanctions report provides this historical context.
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