Dollar hits record 275,500 tomans on Tehran market

In part of Tehran's open-market trading on Friday, 30 October 2026, the US dollar reached 275,500 tomans, the highest rate ever recorded for the dollar on Iran's market. That is 3,600 tomans, or about 1.3%, above Thursday's rate.

At the same time, the euro rose to about 307,000 tomans. On the gold market, a gram of 18-carat gold traded at about 25.8 million tomans and a full Emami gold coin at about 266.5 million tomans, slightly less than in recent weeks.

The dollar's path in recent months

The dollar crossed the 270,000-toman mark on 4 October, then fell back to around 260,000 tomans before climbing again. On Thursday, 22 October, it reached 274,000 tomans, and it has now gone past that figure too. At the start of 2026 a dollar cost about 135,000 tomans: in ten months its price has more than doubled, and the rial has lost about 52% of its value against the dollar.

This collapse of the national currency shows up directly on people's tables. The Islamic Republic's Statistical Centre earlier put year-on-year inflation for the Iranian month of Mehr at 88.7%, and in rural areas year-on-year inflation has passed 100%.

War, blockade and no sign of a deal

The dollar's rise comes as tension escalates in the Strait of Hormuz. On Friday the Islamic Revolutionary Guard Corps (IRGC) claimed that three oil tankers had been hit by explosions and fires while passing through routes Tehran considers unauthorised; the claim has not been independently confirmed. Brent crude reached about $117 a barrel.

The blockade of Iran's southern ports has limited the Islamic Republic's access to foreign-currency income, and the market fears that the US will resume large-scale military operations after the 3 November midterm elections. Qatari mediators returned to Tehran on Friday, but there is still no clear sign of a deal.

On world markets, gold fell $139 an ounce on Friday to $3,883. Traders attribute the drop to the possibility of another interest-rate rise by the US Federal Reserve.

The dollar's price has more than doubled in ten months, and the rial has lost more than half its value.