Iran's rial breaches 211,000 against dollar as US sanctions pressure mounts

TEHRAN, Iran — The US dollar climbed above 211,000 rials on Iran's free market, setting a new high after trading at roughly 200,000 rials last week. The euro traded at 245,000 rials and the pound sterling at 285,000 rials in parallel trading. Rising demand for foreign currency and tighter access to international financial channels have intensified pressure on the rial. The currency's depreciation is pushing up the cost of imports, raw materials and basic consumer goods, adding to inflation and weighing on household purchasing power. A year earlier, the dollar stood at around 95,800 rials, indicating the rial has lost more than half its value against the greenback over 12 months. The volatility in the foreign exchange market has tracked concerns that Washington could tighten sanctions on Iran and further narrow the country's external payment channels.