Iran’s currency, the rial, has fallen to its weakest level on record, with around 2.5 million rials now required to purchase one US dollar in the market.

Before the war began on February 27, one US dollar was worth approximately 1.7 million rials. This means the Iranian currency has lost nearly 50 percent of its value in about seven months.

The Central Bank of Iran’s official exchange rate stands at around 1.65 million rials per US dollar. However, ordinary people reportedly obtain US dollars at the prevailing market rate.

The decline in the rial has been linked mainly to the war, US sanctions and restrictions on Iranian oil exports. These factors have affected Iran’s income and the availability of US dollars, putting continued pressure on the rial.