Iran's Rial Hits Historic Low, Sparks Nationwide Protests — See How It Compares To Indian Rupee
The unrest began on Sunday when shopkeepers in Tehran’s Grand Bazaar went on strike, reacting to the rial’s historic devaluation against the US dollar in open trading.
Decades of turmoil, wars, assassinations, sanctions and popular protests have tested Iran’s regime. Yet the onset of 2026 brings a fresh challenge of the country’s currency plunging to new lows.
The Iranian Rial has dropped to a historic low, prompting street demonstrations across multiple cities. Merchants, students and citizens from all sections of society are voicing frustration over the economic strain while calling for political accountability.
The unrest began on Sunday when shopkeepers in Tehran’s Grand Bazaar went on strike, reacting to the rial’s historic devaluation against the US dollar in open trading.
Multiple videos shared online revealed widespread demonstrations on Saadi Street and in the Shush neighbourhood, near Tehran’s Grand Bazaar, which played a pivotal role in the 1979 revolution that ended with the collapse of the monarchy and established the Islamic Republic.
The protests have also led to the resignation of Mohammad Reza Farzin as the Governor of the Central Bank of the Islamic Republic of Iran. He has been replaced by Abdolnasser Hemmati, a former economy and finance minister.
According to Forbes, on Dec. 29, 2025, the rial plunged to an unprecedented 1,44,000 tomans per US dollar, which sent shockwaves through Tehran. For many Iranians, it was a breaking point that shattered confidence in the system.
One toman is equivalent to 10 rials. As of Jan. 2, 2026, $1 can buy 42,125 Iranian Rials. As of the latest data till Jan. 2, the rial has turned out to be the second-worst currency in the world, following the Lebanese pound at the top spot. One US dollar is worth 89,616.52 Lebanese pounds.
The rial has been one of the weakest currencies in the world for the past several years. It previously stood at 41,100 against the US dollar in December 2022.
How Rial Stands Against The Indian Rupee
In terms of Indian Rupees, Rs 1 is worth 467.22 Iranian rials. On Jan. 2, 2025, Rs 1 could buy 489.78 Iranian rials. Previously, on Jan. 2, 2020, Rs 1 was equivalent to 587.91 Iranian rials.
One dollar is worth about Rs 90.12 currently.
As per Euronews, Iran’s currency is quoted at vastly different levels depending on whether official rates or open-market figures are cited. On global foreign exchange platforms, the Euro is currently priced at roughly 49,470 rials, a figure shaped by a tightly regulated system that remains out of reach for most Iranians.
By contrast, the open-market rate paints a far bleaker picture. Free-market trading, often referenced by merchants and global media, puts the Euro at well over one million rials, reflecting the pressures of inflation, sanctions and sustained capital flight, the Euronews report added.
