The cost of obtaining US dollars in Iran has more than doubled over the past 12 months. The exchange rate reached a peak of 2.45 million rials per dollar in the free market on Monday, breaching its previous all-time low. The dollar opened the day at approximately 2.405 million rials and had traded near 2.33 million rials less than a week ago, compared to 1.11 million rials a year ago.

A gap of roughly 720,000 rials exists between the open market and the official government rate of 173,000 tomans. Other currencies also saw declines, with the euro trading at 2.745 million rials, the British pound at 3.1925 million and the UAE dirham at 662,500. Market observers have indicated the dollar could potentially climb to 3 million rials before the end of the year.