TEHRAN – The Iranian Rial latest exchange rate has dropped to a record low against the US dollar amid the impact of American sanctions.
Reports said the currency has weakened to its lowest level on record, with the value of one US dollar surpassing 2 million Iranian rials.
1 USD = Over 2 Million Iranian Rial
The sharp decline in the rial has also reduced the purchasing power of ordinary Iranians. Before the war, 2 million rials could buy around four kilograms of tomatoes, half a kilogram of chicken and slightly less than a litre of cooking oil.
Today, the same amount is reportedly insufficient to purchase even half of those quantities.
The report said the average price of tomatoes has increased by 71 percent, while chicken prices have risen by 74 percent. The price of cooking oil has surged by 177 percent.
Global Oil Prices
Global oil prices moved lower on Thursday as investors assessed the possibility of reduced disruptions to crude supplies from the Middle East.
Brent crude dropped 41 cents, or 0.5%, to $87.43 a barrel by 0330 GMT, putting the benchmark on track for a fourth consecutive daily decline. US West Texas Intermediate fell 37 cents, also 0.5%, to $81.86, marking a potential fifth straight session of losses.
Market sentiment improved after reports indicated that Iran and Oman were working to finalize an arrangement concerning the Strait of Hormuz, a crucial route for global energy shipments.
The developments have raised hopes that traffic through the waterway could normalize, easing concerns over prolonged supply disruptions.
