Iran’s currency crisis has grown further after the Iranian rial plunged sharply against major global currencies as geopolitical tensions around the country escalated. As of January 13, the USD to IRR exchange rate stood at around 1 USD equals 1,455,000 Iranian rials because of the severe economic strain gripping the oil-rich Middle Eastern nation.
The sharp fall in the Iranian rial value is mainly because of the renewed US pressure, nationwide protests and tighter sanctions, which are raising fears of further instability in Iran’s economy.
Iranian Rial Exchange Rate Today
According to market data, the USD/IRR rate on Tuesday was at 1,455,000 rials per dollar, marginally lower than last week’s peak of around 1,479,000 IRR. If we look at the broader term, it shows a sharp fall of nearly 64% over the past six months.
The euro to Iranian rial exchange rate has followed a similar pattern, with estimates placing the EUR & IRR rate between 1.55 million and 1.6 million rials per euro, due to global forex movements and Iran’s domestic economic challenges.
Black Market vs Official Rates
There is a major disparity between official exchange rates and black-market rates. According to Trading Economics, the USD/IRR briefly spiked to 1,050,000 on January 12, because inconsistencies across trading channels and the lack of a unified exchange mechanism.
These gaps have further eroded confidence among businesses, importers, and ordinary Iranians struggling with rising costs of essential goods.
Trump Announces 25% Tariff on Countries Trading With Iran
Adding to Iran’s economic pressure, US President Donald Trump on Monday announced a 25% tariff on any country doing business with Iran, effective immediately.
In a post on his Truth Social platform, Trump said, “Any country doing business with the Islamic Republic of Iran will pay a tariff of 25% on any and all business being done with the United States of America.”
The US is currently putting all efforts into economically isolating Iran by potentially impacting its key trading partners and further weakening the rial.
Protests and Rising Tensions in Iran
Iran is currently facing a wave of massive anti-government protests. Reports suggest that dozens of protesters have been killed in recent weeks, intensifying global scrutiny of Tehran’s response.
Trump has openly encouraged the protests, posting on social media: “Iran is looking at FREEDOM, perhaps like never before. The USA stands ready to help!!!”
He has also warned of possible military action if the killings continue, raising concerns of further escalation in the region.
