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Iran's rial has hit a record low, trading at 2 million to the dollar on the free market amid new US sanctions and war with Israel. Prices for food and medicine have soared, with essentials like tomatoes up 71% and insulin up 642%, devastating ordinary families.
After a preliminary U.S.-Iran agreement, the Iranian rial has strengthened over 15% against the dollar and the stock market hit a record high. Yet many Iranians say basic goods prices remain unchanged, and economists warn that structural economic issues persist.
The Iranian rial hit a record low of 1.81 million to the dollar amidst a US naval blockade and sanctions. Non-oil trade fell 16% in the past year and oil exports are heavily targeted by US military and financial actions.
