Iranian Currency Hits All-Time Low, with 1 US Dollar Exchanging for 2,030,000 Rial

BlockBeats News, August 24th, according to foreign reports, the Iranian Rial has hit a record low against the US Dollar. Previously, the United States stated that it would impose an unprecedented level of economic pressure on Iran.

According to the exchange rate tracking website Bonbast, on Monday in the unofficial Iranian market, the Rial to Dollar exchange rate fell to 203,900. Against the backdrop of the US attempting to further isolate Iran, the Rial remains under pressure. The US is working to cut off Iran's economic channels by threatening Iran's few remaining trade partners, blocking its major Gulf ports, and curtailing oil exports.

Iran's major financial newspaper, "World Economy," stated that the Rial's devaluation is primarily driven by multiple factors, including blocked foreign exchange transfers, declining exports, increasing import demand, and rising inflation expectations.