Tehran's open-market dollar touched 2,735,000 rials intraday on Tuesday 27 October, says the Tehran price tracker TGJU1. That is above the 2.5 million dealers quoted on 29 September. The quote came on the day Iran's Persian Gulf Strait Authority issued its warning to Sinokor's ships.
31JUL
Dollar hits 2,735,000 rials in Tehran
2 min read
09:44UTC
The open-market dollar in Tehran touched 2,735,000 rials intraday on 27 October, the Tehran price tracker TGJU says.
EconomicDeveloping
Key takeaway
Tehran's open-market dollar passed 2.7 million rials on 27 October.
Deep Analysis
In plain English
The rial is Iran's currency. Many Iranians buy and sell dollars on an open market, outside the official banks, because the official rate is not available to everyone. On 27 October one dollar briefly cost 2,735,000 rials on that market, according to a Tehran website that tracks prices. A month earlier it cost about 2.5 million. When the rial falls, imported goods such as medicine, phones and some foods become more expensive for ordinary Iranians.
Root Causes
Iran's hard-currency income depends on oil sold through routes that the war now threatens. Each Hormuz escalation raises the risk that export revenue falls, and the open market prices that risk at once.
Iranians also hold dollars and gold as savings because inflation has eroded the rial for years. Demand for dollars rises at every shock, which pushes the open-market rate further than trade flows alone would.
What could happen next?
- Consequence
Prices of imported goods in Iran are likely to rise further in November.
Sources:TGJU
First Reported In
Update #183 · Iran threatens legal action on Sinokor ships
TGJU· 29 Oct 2026
Read original →Causes and effects
This Event
Dollar hits 2,735,000 rials in Tehran
The rial has fallen further on Tehran's open market since the record quotes of late September.
Different Perspectives
Cross-border power traders
The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.
EDF
River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.
Gasunie
TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.
German gas-fired generators
Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.
European Commission (DG Energy)
Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.
Spain's LNG terminal operators
Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Editorial standards.