Iranian Rial Hits Record Low as US Sanctions Deepen Economic Crisis

TEHRAN:The Iranian rial has fallen to a record low against the US dollar amid the impact of sanctions imposed by the United States, according to foreign media reports.

The Iranian currency has weakened to its lowest-ever level, with the value of one US dollar surpassing 2 million Iranian rials.

The sharp decline in the rial has further eroded Iranians’ purchasing power. Before the war, 2 million rials could buy around four kilograms of tomatoes, half a kilogram of chicken and slightly less than one litre of cooking oil. Today, the same amount is reportedly insufficient to purchase even half of those quantities.

According to the report, the average price of tomatoes has increased by 71 percent, chicken by 74 percent, while the price of cooking oil has surged by 177 percent.

The record depreciation of the Iranian rial and rising food prices are adding to the economic pressure facing the country.