Three days after the Palestinian armed group Hamas launched its attack on Israel, the Iranian currency was trading at 530,600 to the US dollar in the open market – marking a record high in the past four months.
Exchangers in Tehran reported on October 8 that the euro stood at 560,300 rials.
The previous day, the dollar breached the 500,000-rial mark.
The Tejarat News website reported an increase in the price of the Bahar Azadi, the Iranian bullion gold coin minted by the central bank, which exceeded 310 million rials.
The coin traded at million tomans before the latest spike in tensions in the Middle East.
The Islamic Republic’s worsening economic situation triggered by years of sanctions and political instability sparked by nationwide protests last year led to the free fall of the rial, which reached an all-time low of around 580,000 to the dollar in February.
Partly owing to the weakness of the national currency, inflation has hovered at about 50 percent for the past year, and Iranians have been scrambling to convert their savings into hard currencies or gold.