Iranian rial hits record rate of more than 2.5 million per dollar — Fortune

In Iran, the rial’s exchange rate among currency traders in Tehran on Tuesday reached a new record level — more than 2.5 million rials per one U.S. dollar. This happened less than a month after the previous low of 2.2 million rials per dollar, Fortune reports.

At the beginning of the year, the exchange rate stood at about 1.5 million rials per dollar, while in August 2025 it was approximately 920,000 rials. According to the publication, since then the Iranian currency has depreciated by about 170%. At the beginning of 2018, one dollar cost about 35,000 rials.

Decline in oil revenues

According to Fortune, Iranian oil exports have virtually ceased due to the U.S. maritime blockade. Homayoun Falakshahi, head of crude oil analysis at Kpler, said that last month Iran did not load oil at export terminals — for the first time since the 1979 Islamic Revolution.

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Tehran is still receiving limited revenue from oil that was already in tankers at sea before the United States reimposed the blockade in mid-July. Kpler estimated that this involved about 90 million barrels, and these stocks may be depleted by mid-October. Payment for the latest deliveries, which mostly go to China, may continue until December.

Blocked funds and inflation

Oil sales usually account for about one-third of Iran’s state budget and are an important source of funding for the Islamic Revolutionary Guard Corps. At the same time, the United States strengthened sanctions last month, which, according to Fortune, made it more difficult for Iran to transfer funds through intermediary companies.

Iranian President Masoud Pezeshkian said in an interview with Fox News that Iranian funds in China are blocked and Tehran cannot dispose of them. Fortune also reports inflation of around 90%, an expected 5.4% contraction in GDP this year, rising unemployment, and energy rationing.