Iranian rial hits record low as dollar reaches 26,88,000 rials; central bank injects $2 billion.
Tehran: (RightNow) The Iranian rial continues to decline, reaching a new record low against the US dollar.
Iran’s central bank has announced the injection of $2 billion into the market to support the currency. The country faces severe economic pressure due to US sanctions and maritime blockades.
In the open market, the dollar is sold at 26,88,000 rials. The rial’s value has further decreased in a single day. State banks have begun selling $2 billion to stabilize the rial.
Inflation in Iran has surpassed 70%, prompting citizens to turn to dollars and gold to safeguard their savings. Rising prices of basic necessities are causing difficulties for ordinary citizens.
It is noteworthy that US sanctions and pressure on oil exports have troubled the Iranian economy. The US maritime blockade has affected Iran’s oil revenue.
