Iran’s Currency Plummets as War Erodes Economic Stability

Iran's currency hits record low as war impacts economic stability. Mediators work on US-Iran deal amid rising tensions.

September 29, 2026 One Min Read

POLICY WIRE — Tehran, Iran — Iran’s currency has plummeted to a new record low, with traders in Tehran exchanging over 2.5 million rials for one U.S. dollar. This sharp decline reflects the ongoing economic strain caused by the war in the Middle East.

The rial hit its previous record low of 2.2 million to the dollar just 27 days ago on September 2. Since the war began in February, the currency has repeatedly reached new lows, signaling deepening economic instability in the country.

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Meanwhile, Iran’s top diplomat stated that indirect negotiations with the United States aimed at reopening the critical Strait of Hormuz have become more serious. Iranian Revolutionary Guard Corps chief spokesman Gen. Hossein Mohebbi called on Americans to protest the conflict, urging them to push their government to end the war.

Reporting by Policy-Wire (PW)

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