Iran’s national currency, the rial, fell to a record low against the US dollar on Wednesday, January 28, 2026. In the free market, one dollar traded for 1,620,500 rials, marking the steepest decline in the country’s currency history. According to currency tracking website Bonbast, the previous day’s rate was around 1.5 million rials per dollar, meaning the rial lost about 150,000 in value within a single day.

The sharp depreciation comes amid ongoing anti-government protests that began late last month. In response to the unrest, Iran’s government shut down internet access on January 7, making it difficult to obtain reliable exchange rate data from regional markets in Istanbul, Baghdad, and along the Afghan border. Bonbast noted that the blackout has obscured the rial’s true market value.

Market instability intensified after US President Donald Trump announced that a large American naval fleet was moving toward Iran. Analysts fear possible naval blockades or attacks on Iran’s oil and gas facilities. Economists believe continued political tension, economic crisis, and international pressure could further weaken the rial.