Shafaq News – Tehran,

The US dollar surged to a new record in Iran’s free market on Wednesday, breaking above 1,200,000 rials as the local currency continued its sharp slide in recent days.

According to the exchange-rate monitoring platform Navasan, the dollar reached 1,207,500 rials, an increase of 17,000 rials— roughly 1.43% — compared with Tuesday’s levels, which hovered around 1,190,500 tomans.

Economic observers say the dollar’s move beyond the 1,200,000-rial threshold represents an additional “negative psychological signal” for traders, prompting more Iranians to seek alternative stores of value such as gold and foreign currencies amid the absence of clear measures to address the country’s deepening structural economic crisis.

*1 Rial= 10 Toman