Iranian rial

The Iranian rial struck a record low of 1,746,000 to the US dollar on Iran's open market by 2 June 2026, up from 1,705,000 on 31 May — a 2.4% depreciation in two days and a 41% devaluation over the preceding six months. The collapse accelerated after Iran suspended nuclear talks on 1 June, removing the last near-term prospect of sanctions relief.

The rial has been under sustained pressure since the start of the Iran-Israel-US conflict in early 2026. Successive rounds of US and EU sanctions, a US naval blockade restricting oil export revenues, and the flight of foreign exchange reserves have compounded the decline. The Central Bank of Iran's official rate diverges sharply from the open market; most ordinary Iranians access foreign currency through the open (informal) market, where the record rate applies. Importers of food and medicine pay the open-market rate, amplifying inflation on essential goods.

The currency's freefall has become a domestic political pressure point for the Pezeshkian government, which has been unable to secure relief through diplomacy. A sustained rate above 1,500,000 signals a structural loss of confidence rather than a temporary shock; the breach of 1,746,000 sets a new floor for what markets consider plausible.