Iran’s rial falls to 1.8m per dollar after U.S. seizures, Hormuz

The Iranian rial fell to 1,800,000 per U.S. dollar on April 29, according to open-market exchange data, after U.S. authorities announced nearly $500 million in seizures of Iranian crypto assets and a U.S. blockade of the Strait of Hormuz.

The currency has been weakening since early 2025. At the start of 2025 the rial traded near 800,000 per dollar. It crossed 1,100,000 by September 2025, topped 1,300,000 in December and slid further through early 2026 before reaching the April 29 level.

The U.S. Treasury identified the campaign as Operation Economic Fury. ‘Almost $500 million has been seized in Iranian crypto assets,’ Treasury Secretary Scott Bessent told reporters. He added that the U.S. is freezing accounts and monitoring overseas properties and savings linked to Iran, and that the campaign has been stepped up since orders issued in March 2025.

Iran’s central bank reported annual consumer inflation at about 50% as of April 4, up from just over 40% before the conflict. Prices for staples such as rice, eggs and chicken have risen. Traders and importers point to tighter access to foreign currency and interruptions to trade flows as drivers of higher import costs for food, medicine and industrial inputs.

Restrictions on ports and export routes have reduced Iran’s oil revenue and limited a major source of foreign currency. Shipping disruptions in the Strait of Hormuz have forced vessels to reroute and increased costs for traders. Iran and the U.S. agreed to a ceasefire on April 8, and the U.S. announced a blockade of Iranian ports on April 13. President Donald Trump rejected an Iranian proposal to reopen the strait in return for easing restrictions.

Market participants link the exchange-rate moves to the loss of foreign-currency inflows and growing difficulties for Iranian entities in executing international transactions. Government revenue has been constrained by lower export proceeds, and households are facing higher living costs as imports become more expensive.

Analysts and traders monitoring the open market report continued volatility in the rial and persistent downward pressure as the U.S. campaign and maritime restrictions remain in effect.