October 14, 2022
The rial strengthened markedly this summer as Iranian officials kept saying a nuclear deal was imminent and US sanctions would soon be lifted. But by mid-August, it became clear that was nonsense and the rial resumed losing value. The rial was strongest August 24 when it sold for 291,000 to the dollar, based on the daily reporting of Bonbast. It sank to 332,500 a new all-time record low on October 3, but has since settled in around 325,000. The previous record low was 332,000 on June 12.