Iranian rial falls to its lowest level ever: almost 2.7 million rials to the dollar

The Iranian rial fell to its lowest level ever, with one U.S. dollar now costing almost 2.7 million rials — from just over 2.6 million on Friday — according to Iranian state television, as Al Jazeera reports. The currency continues to fall because of U.S. sanctions and the blockade on Iranian oil exports, which have dried up Tehran’s main source of revenue.

Iranian state television said the central bank began selling up to $2 billion to support the currency, which had been devalued to 1.14 million rials to the dollar after its redenomination in July. The inflation rate in Iran is estimated at around 73 percent, the broadcaster adds.

The currency’s new fall comes at a moment when the Iranian economy is under the double pressure of sanctions and the U.S. naval blockade, which has halted oil exports. In recent days, Washington has also escalated financial pressure, seeking the confiscation of $61 million in cryptocurrencies linked to secret Iranian oil sales — a measure aimed at closing the regime’s last revenue channels.