Iran's currency hits record low as US prepares to hit Tehran with economic offensive | The National

A currency exchange bureau in Tehran. The value of the Iranian rial continues to drop. ReutersShow caption: A currency exchange bureau in Tehran. The value of the Irani…Rial trading at about two million to the dollar on Monday The NationalAugust 24, 2026

Iran's rial hit a record low of 2.02 million to the US dollar, down from 1.53 million in early March.

The US is preparing what Treasury Secretary Scott Bessent called "the single greatest financial offensive ever marshalled against an adversary."

Iran has effectively halted oil exports, eliminating a critical source of foreign exchange revenue amid tightening US sanctions.

Iran's economy is forecast to contract by 5.4 per cent this year, with inflation projected at around 70 per cent in 2026.