The US is restricting Tehran's ability to fund militants and develop nuclear weapons through a pressure campaign that has driven the Iranian currency to its lowest ever valuation. Treasury Secretary Scott Bessent identified this effort as "Operation Economic Outcast" on Monday, noting it caused the rial to fall to 2.45 million per US dollar in the free market. The exchange rate opened the day at 2.405 million rials and had traded near 2.33 million less than a week prior.

The rial's value has more than doubled in one year, rising from roughly 1.11 million per dollar. A gap persists between the open market and the official government peg of 173,000 tomans. The currency first breached 2 million per dollar on August 23 and has lost another 17% of its value since that date. Critics argue the sanctions constitute an economic war that prevents ordinary Iranians from affording food, medicine, and basic necessities.