Iran's rial has fallen to a new all-time low against the US dollar as prices surge and jobs disappear under war, sanctions and a naval blockade. The currency touched 1.84 million rials to the dollar on the Tehran open market on Wednesday 11 November 2026, after trading at about 1.54 million earlier in the week. A year ago, the rate was about 811,000. ## Prices surge, jobs disappear Food and medicine, cars, electrical devices and petrochemical products were among many items for which Iranians had to pay much more this Saturday, the first day of the working week, than the previous week. Millions of jobs have been lost or are on pause as the war with the US and Israel causes escalating economic damage. The monthly minimum wage is now less than 170 million rials, about $92. The rial has lost 12.5 percent of its value since January alone. ## Why the economy is buckling A mix of local mismanagement, the bombardment of Iran's infrastructure, US sanctions and a naval blockade is pummelling the economy of a country of more than 90 million people. A near-total internet shutdown imposed by the authorities in Tehran is now in its 64th day, further disrupting business. Non-oil trade has also fallen: the final month of the Iranian year ending 20 March was worth only $6.46 billion, about 29 percent down on the month before. Iran's new Supreme Leader, Mojtaba Khamenei, has said the country must defeat its enemies in an economic and cultural struggle as well as militarily. Sources: [Al Jazeera](https://aljazeeranews-mggx1uo47w.edgeone.app/economy/2026/5/2/prices-surge-jobs-disappear-as-war-strains-irans-economy) and [1in.am](https://en.1in.am/1079830.html).