US Dollar Reaches New High in Iran’s Foreign Exchange Market
TEHRAN – Iran’s foreign exchange market witnessed significant activity on Wednesday, September 4, 2024, with the US dollar reaching a new high in the open market. The American currency traded at 1,033,000 Iranian rials, setting a new record. This contrasts with the rate of 719,185 rials set by the National Bank of Iran’s exchange, highlighting a notable gap between the official and open market rates.
Key Currency Rates at a Glance
The latest updates on major foreign currencies in the open market and the National Bank exchange are detailed in the table below:
| Currency | Open Market (Rial) | National Bank Exchange (Rial) |
|---|---|---|
| US Dollar | 1,033,000 | 719,185 |
| Euro | 1,208,100 | 841,475 |
| UAE Dirham | 283,390 | – |
| British Pound | 1,388,300 | – |
| Turkish Lira | 25,200 | – |
| Swiss Franc | 1,290,400 | – |
| Chinese Yuan | 145,300 | – |
| Kuwaiti Dinar | 3,396,200 | – |
| Russian Ruble | 13,010 | – |
Note: The announced rates are for the open market, except for the US dollar, which also includes the rate from the National Bank of Iran’s exchange. Subsidized currency rates differ from these figures.
Analyzing the Market Dynamics
The rise in the dollar’s value in the open market is attributed to a combination of factors, including high inflation, fluctuations in supply and demand, and broader economic developments. This price surge has raised concerns among economic actors and citizens alike, as it directly impacts the cost of living and the price of imported goods.
Future Outlook for the Currency Market
Economic analysts suggest that the continuation of this trend could place additional pressure on the livelihoods of citizens, particularly in an environment where inflation remains high. Some projections indicate the potential for the dollar to reach between 1,100,000 and 1,200,000 rials in the coming months, barring effective government monetary and fiscal policies that could stabilize the market.
For further details and to track official updates, citizens are advised to refer to official platforms and follow news from reliable sources.