Iran’s Rial in Freefall as US Dollar Hits 2 Million

The Iranian rial has plummeted to a historic low, with the US dollar reaching 2 million rials for the first time. This represents a nearly 7% decline from last week's rate of 1.865 million rials. Compared to the same period last year, when the dollar traded at approximately 958,000 rials, the currency has depreciated by over 50%. Mohammad Ghalibaf, Speaker of the Iranian Parliament, acknowledged the severity of the economic situation on Saturday, stating that military power alone cannot ensure survival without economic growth and national production. Meanwhile, President Masoud Pezeshkian addressed the nation on Sunday, vowing that his government is working to overcome inflation and unemployment in the face of what he described as an "economic war" imposed by US President Donald Trump.