Iran’s Toman hits new low as dollar surpasses 128K

Shafaq News – Tehran

Iran’s currency extended its slide on Sunday, with the toman—worth 10 Iranian rials—falling past 128,000 per US dollar as rising inflation, renewed international pressure, and surging market speculation continued to undermine public confidence.

Currency-tracking platforms reported the toman traded at 128,600 per dollar, 151,040 per euro, and 171,690 per British pound. Just a week earlier, the currency hovered near 124,800 per dollar after breaching the psychological 120,000 threshold for the first time—marking an accelerating pace of depreciation.

The latest decline follows weeks of sharp gains across Iran’s currency, gold, and financial markets, where prices repeatedly hit record highs, triggering a new inflationary cycle.

The dollar’s rise coincided with a nationwide increase in gasoline prices. A three-tier pricing system, introduced on December 13, keeps standard gasoline at 1,500 tomans (about $0.01) and 3,000 tomans (about $0.02). Gasoline for government vehicles, imported cars, certain luxury models, and excess consumption now costs 5,000 tomans (about $0.04).

Food prices have also surged, with an average increase exceeding 66 percent over the past year, intensifying pressure on Iranian households.