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The Iranian rial dropped past 2 million to $1 on the free market, marking a new all-time low.
Reporting links the currency slide to severe U.S. sanctions and the ongoing U.S.-Israel conflict, with the conflict said to have begun on February 28.
Prices for essential goods and medicines are described as rising sharply, including insulin, tomatoes, and chicken.
Tehran residents say inflation and stagnant wages are straining ordinary households as food and medicine become harder to afford.
Why it mattersIran’s currency collapse signals worsening inflation and eroding purchasing power, affecting everyday costs and economic stability.
More context
Bazaar merchants in Tehran and other cities are also reported to be under pressure from shrinking consumer demand and high rents.
One report says shopkeepers in Shiraz saw monthly rent jump to 320 million rials, while U.S. measures announced on Monday expanded sanctions to additional individuals, companies, and vessels.