Iran’s rial plunged to a file low on February 28 as Israeli and US strikes on Tehran despatched the foreign money into freefall, with free market information displaying the greenback buying and selling at IRR1,749,500 ($1) as panic gripped monetary markets following the assault on the capital.
The fee, sourced from Bonbast, which tracks Iran’s free market change charges, marks a pointy deterioration from the IRR1,350,000 degree seen in the beginning of January 2026.
The rial had already been beneath sustained stress by February, breaching IRR1,600,000 in early February earlier than climbing steadily to present ranges as US-Iran nuclear talks in Geneva failed to provide a breakthrough and navy tensions mounted.
The British pound was buying and selling at IRR2,353,500, the euro at IRR2,067,500 and the Russian rouble at IRR22,650 on the free market as of 07:27 UTC on February 28, in response to Bonbast information.
Gold mirrored the identical panic, with an oz priced at $5,278.10 on worldwide markets whereas home gold costs reached IRR224,504,820 per gram on the Tehran free market.
The rial’s collapse accelerates a depreciation pattern that has gathered tempo for the reason that reimposition of US sanctions following Washington’s withdrawal from the 2015 nuclear deal.
Iran’s foreign money has misplaced the overwhelming majority of its worth over the previous decade, with inflation operating at round 40% yearly and the hole between the official and free market charges remaining extensive.
The strikes on Tehran, which focused areas close to Supreme Leader Ayatollah Ali Khamenei’s compound, triggered the rapid closure of Iran’s airspace and the chopping of cell phone companies, compounding the shock to an financial system already beneath extreme pressure from Western sanctions and home unrest.
