Iran's Rial Hits Record Low of 1,800,000 Per Dollar on April 29 Amid U.S. Sanctions

According to U.S. Treasury Secretary Scott Bessent, Iran’s rial hit a record low of 1,800,000 per U.S. dollar on April 29, 2026, reflecting intensified economic pressure from U.S. sanctions. The currency has depreciated significantly since early 2025, when it traded near 800,000 per dollar.

Bessent stated that the U.S. campaign Operation Economic Fury has seized approximately $500 million in Iranian crypto assets while freezing overseas accounts and monitoring properties. The campaign, which began over a year ago and accelerated following March 2025 orders, aims to disrupt Iran’s financial networks. Meanwhile, Iran’s annual inflation surged to 50% as of April 4, up from above 40%, driven by reduced foreign currency access and trade disruptions affecting food, medicine, and raw materials.