Iran’s currency markets recorded another surge in the US dollar, which reached IRR 787,500 on the open market on December 24, setting a new record high.

Market data showed the euro rising by IRR 500 (0.06%) to IRR 815,700, while the British pound sterling climbed by IRR 600 (0.06%) to IRR 981,700. The Emirati dirham remained unchanged at IRR 215,700, with traders pointing to a strong support zone around IRR 212,000. Personal dollar payment orders stood at IRR 803,700, while corporate dollar payment orders hovered around IRR 796,100. The dirham payment order was quoted at IRR 215,600.

Payment-order prices are regarded as a key indicator of potential movements in exchange rates, particularly for the Emirati dirham.

The official US dollar rate rose to IRR 656,300, with the official payment-order rate at IRR 638,420. The euro climbed to IRR 684,440, while the dirham slipped to IRR 178,700, and its official payment-order rate stood at IRR 173,840.

These figures come from the newly introduced regulated floating market at the Iran Center of Exchange, which is replacing the secondary market known as NIMA.

Aimed at meeting the commercial sector’s foreign-currency needs, this market bases its rates on supply and demand, aligning with the new government’s economic approach. Exporters can thus secure higher profits by selling their foreign currency proceeds at more favourable rates.

Abdolnasser Hemmati, the Minister of Economy, reiterated the need for a single exchange rate and a managed float, noting that “fixing the currency rate despite 40% inflation and high liquidity is not feasible.” He also warned that the roughly 40% gap between official and open-market rates encourages rent-seeking and volatility.

During a meeting with lawmakers and the Governor of the Central Bank of Iran, Hemmati was reported by some local media to have recognised IRR 730,000 as the base rate for the US dollar.

He later strongly denied that claim. He also dismissed suggestions that the new market would drive up exchange rates, insisting it would soon help curb the recent upward trend.

Traders say Hemmati’s remarks, which point to closer alignment of official and open-market rates, contributed to further gains in the dollar and the dirham. Renewed bullish sentiment has also lifted gold and coin prices, reflecting the close correlation between exchange rates and precious metals.

According to market players, state-linked sources had signalled a large-scale intervention, and authorities subsequently injected around AED 1.5bn, $300mn in cash, and 30mn in USDT into markets in Dubai, Tehran, and the official exchange centre.

Dealers reported that this heavy injection tempered speculative demand and eased the dollar’s recent upward momentum. With buying interest cooling and supply outpacing short-term demand, most observers expect the dollar and dirham to lose steam in the coming days.