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.
29OCT
Dollar hits 2,735,000 rials in Tehran
2 min read
17:49UTC
The open-market dollar in Tehran touched 2,735,000 rials intraday on 27 October, the Tehran price tracker TGJU says.
ConflictDeveloping
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
United States (Joint Maritime Information Center)
The JMIC, the US-led naval reporting cell, rated the Hormuz threat "severe" in its 25 October advisory, as reported by gCaptain, and warned of possible renewed mining. Eight days earlier it found no substantiation for the Guards' mine claims, while US-facilitated transits ran at about 34 a day.
United Kingdom (CPS and Counter Terrorism Policing)
The CPS charged two men under the National Security Act 2023 over the RAF Fairford incident, and Counter Terrorism Policing said it believes the foreign intelligence service involved is Iran's, LBC reported. The case now runs through the courts; both men are charged, not convicted.
Aden and Yemen's recognised government
The Houthis told people to leave Aden airport, in the government-held south, before a missile fell there on 28 October, AFP reported, and police reported a second attack that afternoon. The fight between Riyadh and the Houthis is landing on the south's main civilian airport.
Qatar (mediators)
Qatar-led mediators put new terms to Iran this week, which an Iranian official called "ideas, not a proposal". Riyadh framed the Tehran meeting as support for Qatari and Pakistani mediation, keeping Doha at the centre of the indirect channel.
Korea Shipowners' Association
The association said the ships Iran listed were sub-chartered to an overseas oil company, not owned by Sinokor, carried no South Korean crew, and that Sinokor was unaware of the warning. South Korea's shipowners are contesting whose vessels the notice covers before it takes effect.
Kuwait (foreign ministry)
Kuwait summoned Iran's ambassador, Mohammad Toutounji, and handed him a protest note over the embassy's denial that its citizen took part in the alleged plot against Interior Minister Fahad Al-Yousef. Kuwait is answering through its courts and a diplomatic protest, citing international law and the UN Charter.
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Editorial standards.