Iran’s rial plunges to record low against dollar after Israel strikes

Two men are holding Iranian banknotes on a sidewalk in Tehran’s business district, in Tehran, Iran, on April 13, 2024. 

Nurphoto | Nurphoto | Getty Images

Iran’s currency, the rial, briefly plunged to a record low against the dollar on the unofficial market, after Tehran launched an expansive missile and drone attack on Israel on Saturday night, exacerbating tensions in the Middle East.

The exchange rate was at 705,000 rials / USD on the open market around 10:30 a.m. local time on Sunday, according to data from foreign exchange monitoring site Bonbast. The Iranian currency has since pared some losses.

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