Reports from Iran indicate a sharp surge in the price of the U.S. dollar in the open market in recent days, reaching new records in the devaluation of Iran’s currency.
A review of the latest foreign exchange market changes shows that on Thursday April 30, the dollar price dropped by 37,000 rials compared to the previous day, settling at 1,788,500 rials. Over the past week, the dollar has also recorded an increase of 248,000 rials.
Analyses show that on March 30, the dollar stood at 1,579,500 rials. Since then, it has recorded a 13.23% increase.
However, compared to one year ago, the dollar price has risen by 120.53%, increasing by 977,500 rials.
This marks the highest recorded price of the dollar in Iran, meaning the country’s national currency has reached its lowest value in history.
The rise in foreign currency prices in recent days has occurred following the start of a U.S. naval blockade and the intensification of tensions between Iran and several Arab countries along the Persian Gulf, including the United Arab Emirates.
Last week, U.S. President Donald Trump wrote on the Truth Social platform that Iran earns about 500 million dollars per day from the Strait of Hormuz remaining open, and that it would lose this amount if the strait were closed.
The sharp rise in the dollar comes as reports indicate that the United Arab Emirates has halted its economic activities with Iran following the recent war.
Before the war began, the United Arab Emirates was Iran’s second-largest trading partner after China, with bilateral trade reaching 28 billion dollars in 2024. Iran, which is under heavy U.S. sanctions, had been importing many goods produced in other countries through the UAE, making it the largest exporter of goods to Iran.
Many economic experts had also pointed to Iran’s heavy reliance on the UAE’s logistics system, highlighting the country’s significant economic dependence on this Persian Gulf state.
Despite these close economic ties, Iran’s retaliatory attacks on Persian Gulf countries, particularly the United Arab Emirates, have severely strained relations between the two countries, and Emirati officials have expressed anger over Iran’s attacks.
According to official statements from the United Arab Emirates, during the war, Iran’s regime fired more than 500 missiles and 2,200 drones at the country.
Following the war, the United Arab Emirates has not reconsidered its relations with Western allies but has instead sought to reduce its economic cooperation with Iran’s regime.
