The open market price for the US dollar climbed to 2.41 million rials in Iran on Monday, erasing previous value for the national currency. The exchange rate currently trades between 243,000 and 244,000 tomans per dollar, which is more than double the rate of approximately 111,000 tomans per dollar recorded one year ago. Other currencies also reached high marks, with the euro trading at 2.745 million rials and the British pound at 3.1925 million rials.

The official exchange rate for the dollar remains at approximately 173,000 tomans, creating a wide gap between the state-mandated price and the free market. In the same open market, the UAE dirham was listed at 662,500 rials.