The Iranian Rial continued its downward spiral Thursday, with the US dollar reaching a record high of 640,500 Rials in the country's currency market.
This marks a significant jump from yesterday's dollar price of 630,350 Rials and reflects a trend of currency devaluation.
The Rial has lost over 15 percent of its value in just two months.
The Rial's decline intensified following the recent Israeli attack on Iran's consulate in Syria and subsequent tensions between the two nations.
The Euro is currently trading around 690,550 tomans.
The Iranian government has yet to offer a public explanation for the sharp decline of the Rial.
The combination of a weakening currency, rising tensions, and a potential trade imbalance threatens to create significant economic hardship for the Iranian people.
The coming days and weeks will determine whether Iranian authorities can stabilize the Rial and address the underlying economic challenges.
With the annual inflation rate reaching about 50 percent, Iranians have been scrambling to convert their savings into hard currencies or gold.
Under the 2015 nuclear deal, most international economic sanctions were scrapped in exchange for limitations on Tehran's nuclear program, which helped the currency revive.
But former United States President Donald Trump withdrew from the agreement in 2018 and reimposed harsh economic sanctions on Iran, prompting Tehran to resume nuclear activities prohibited by the nuclear pact.
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