The Iranian rial firmed 1.7% to 1,716,000 per dollar intraday on Marco Rubio's 2 June testimony, but that print did not survive the session. By the 3 June close it had retraced to 1,738,000, and it sits at 1,736,000 on 4 June1. The rial is Iran's currency, and on the street market it has shed roughly 43% since the conflict began in February.
The Rubio bounce is gone, leaving the currency about 1.5% above its 1 June record low of 1,746,000. The pattern mirrors the wider split running through 4 June: spoken signals move Iranian assets briefly, then fade because no paper follows. Rubio's Hormuz-first testimony lifted the rial for part of one trading day; nothing in it changed the sanctions regime or the war that is bleeding the currency.
A genuine, signed settlement would reset the rial for months, not minutes, which is what the brief rally underlines. Lloyd's of London makes the same point on the insurance side: its Joint War Committee needs an official UN or government certification letter, not a Senate hearing, before it touches its Hormuz cover, and it has stayed put.
