Iran's Rial Hits Record Low of 1.95 Million per Dollar on July 20 as U.S.-Iran Ceasefire Collapses

According to Iran International and the IMF, Iran's rial hit a record low of 1.95 million per dollar on July 20, marking a sharp decline from the prior record of 1.9 million set on May 4. The International Monetary Fund now projects Iran's economy will contract 6.1% in 2026, reversing earlier growth forecasts, with average inflation expected to reach 68.9%. At current rates, Iran's official monthly minimum wage converts to roughly $87.

The currency collapse coincides with the breakdown of a U.S.-Iran ceasefire framework agreed in June. Reports attributed the rial's decline to renewed U.S. pressure, infrastructure damage, and lower energy exports. Bitcoin, which rallied above $67,000 when the June deal was announced, has since retreated to $64,239 as traders anticipate increased geopolitical volatility from the failing truce.