The Iranian rial has plummeted to a new all-time low against the US dollar, surpassing 2 million rials to $1 on the free market. This sharp decline follows Washington's imposition of its toughest sanctions yet aimed at crippling Tehran's economy.

Iran's economy has long been burdened by decades of US and international sanctions, particularly related to its nuclear program. The situation worsened after the US-Israel war on Iran, which began on February 28, further deepening economic hardships for the country's approximately 92 million people.

To gauge the impact on daily life, Al Jazeera tracked prices of food, clothing, and medicines in Tehran. Before the conflict, 2 million rials could purchase roughly 4 kilograms of tomatoes, half a kilo of chicken, and just under a liter of cooking oil.

Iranians commonly use the term "toman" as an unofficial unit equal to 10 rials, simplifying the handling of large currency figures.

Despite careful budgeting, residents must now spend at least 700,000 to 800,000 tomans (equivalent to $3.5-4) daily, excluding regular groceries and household necessities, according to Zamir.

Experts interpret the new US sanctions as a sign of desperation from the Trump administration, while Iran hopes the economic pressure will influence US policy in what has been described as a game of 'chicken.' Additionally, Trump has threatened secondary sanctions against Iran's international partners.

Sources