Rial Hovers Around 600,000

Jul 5, 2024

After plunging to a new low of 670,500 rials to the US dollar in midApril, the national currency has improved and settled in at about 600,000 rials to the dollar in recent weeks. April was an especially bad month for the rial, but otherwise the currency has had an unspectacular performance through most of 2024. The currency began the year 2024 at 540,000 to the dollar and then lost value progressively to hit 600,000 on March 3.

The rial stayed around that level until shortly after Now Ruz when it began a plunge on March 30 that took it to a new all-time low of 670,500 to the dollar on April 12. But it recovered just as swiftly as it plunged and was back at 601,000 on April 27.

May and June saw it bounce around a little below and a little above 600,000 with a price of 606,500 on June 25. It then started to gain value again during the presidential election campaign and was at 6xx,xxx on runoff election day July 5. It meanders around 600,000 to the dollar now. At this same time one year ago, it was meandering around 588,000 to the dollar in other words, a loss in value of about 20 percent in one year.