US Dollar price today

The dollar price is the most important exchange rate in Iran's economy; from the price of gold and coins to the cost of imported goods and even rents, there is little that is not affected by swings in the dollar. On this page you can see the live price of the US dollar in Tehran's open market in Toman, and below we explain how this rate is formed, what pushes it up and down, and what to watch for when buying and selling dollars.

The US dollar: the world's money

The US dollar (USD) is the official currency of the United States and the most widely used currency in the world. Most global trade, the prices of oil and gold and a large share of central banks' foreign-currency reserves are defined in dollars. This position began with the Bretton Woods agreement in 1944, which pegged other currencies to the dollar and the dollar to gold. In 1971 the dollar's link to gold was cut, but the dollar remained the world's main reserve currency.

That is why, for Iranians, the dollar is not just a foreign currency; it is the yardstick for the value of the rial and of many assets. The price of 18-carat gold and the Emami coin in the domestic market is roughly the global gold price multiplied by the dollar rate, which is why every jump in the dollar quickly shows up in the gold market too.

How is the dollar price set in Iran?

In Iran the dollar does not have a single rate. The most important rates are:

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• Open-market rate: the price at which exchange shops and street dealers buy and sell, and the one that gets the most attention from the media and the public. The rate on this page is this rate.
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• Official rate and exchange center rate: the rate the central bank sets or announces for imports of essential goods, exporters' currency and registered transactions; it is usually lower than the open market.
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• Tether rate: Tether (USDT) is a cryptocurrency pegged to the dollar and traded around the clock on Iranian crypto exchanges. Tether's Toman price usually moves very close to the open-market dollar, and because it never closes, it sometimes shows the dollar's direction earlier.
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The gap between the official and open-market rates is itself an important indicator: the wider it gets, the higher the pressure on the open market and inflation expectations usually are.

Factors that move the dollar price in the open market

The dollar price in Iran depends more on domestic economic and political conditions than on the US economy. The most important factors:

1. Inflation and money supply growth

When the money in circulation grows faster than output, the rial loses value and the dollar becomes more expensive. That is why, over the long term, the dollar price in Iran has trended upwards; high inflation reduces the rial's purchasing power against foreign currencies.

2. The country's foreign-currency income and sanctions

A large share of the currency supply in Iran comes from exports of oil and oil products. Limits on selling oil or bringing its proceeds into the country reduce the dollar supply and push the price up. Conversely, news of rising exports or released currency funds usually brings the price down.

3. Political news and expectations

The dollar market is very sensitive to news of negotiations, regional tensions and political decisions. On many days the price moves on the expectations of the public and traders before anything actually happens. This is why the dollar sometimes swings by several hundred Toman or even more in a single day.

4. Central bank policies

Injecting currency into the market, changing the rules for repatriating export currency, limits on buying banknote currency and bank interest rate policies all affect dollar supply and demand.

5. The dollar's global strength

The global market's effect on the Tehran dollar is more indirect, but not nil. The US dollar index (DXY) shows the dollar's value against a basket of six major currencies (with the euro carrying the most weight). When the dollar strengthens globally, currencies such as the euro and the UAE dirham become cheaper against the dollar in the Tehran market. The region's floating currencies are no exception; for example, you can see the lira's value against the dollar in the US dollar to Turkish lira (USD/TRY) pair. You can follow the euro-to-dollar ratio on the euro to dollar (EUR/USD) price page.

When does the dollar price swing the most?

Tehran's open market is more active on working days and during office hours, and on public holidays exchange shops' official trading slows down. Even so, a few situations usually bring more volatility:

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• the first hours after the market reopens following holidays, especially if important news came out during the break;
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• days when important domestic political and economic news is released;
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• the run-up to long holidays such as Nowruz, when demand for travel and cash rises.
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From the US economy, the Federal Reserve's (Fed) interest rate decisions and US jobs and inflation reports affect the global dollar and global gold. See when these reports come out in the Teagle economic calendar .

How to read the dollar price correctly

Prices quoted in the market usually come as two numbers: the buying rate (the price at which the exchange shop buys from you) and the selling rate (the price at which it sells to you). The difference between the two is the dealer's profit, and it widens on volatile days. A few more points:

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• Prices on this page are in Toman ; one Toman is ten rials, and bank prices are usually quoted in rials.
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• In the "Price source" section at the top of the page you can choose another source; each source may record a slightly different figure.
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• The candlestick chart at the top of the page is more useful for seeing the trend over several days and months than looking at a single live figure.
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Buying and selling dollars: key points

Before buying dollars, be clear about your goal: travel and payment needs, preserving the value of savings, or short-term trading. Each goal has its own suitable tool:

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• Dollar banknotes from a licensed exchange shop: for real travel or payment needs. Buying and selling currency is subject to central bank regulations and should be done through licensed exchange shops.
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• Tether on a crypto exchange: it can be cashed around the clock, but it has its own risks; before choosing an exchange, see the comparison and reviews of crypto exchanges on Teagle.
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• Trading exchange rates on global markets: if the goal is to trade currency pairs such as euro/dollar, this is done through forex brokers; read the forex broker reviews before signing up.
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The dollar is used to preserve the value of money in an inflationary economy, but it is not risk-free. Its price can stay flat for months at a time or correct sharply after a steep jump. Buying after an emotional spike is one of the most common mistakes of new investors.

The dollar alongside other markets

For a better decision, do not look at the dollar in isolation from other markets. Comparing the dollar's trend with the global gold price (ounce) and coins shows where there is a bubble or a lag, and comparing it with Tether shows the state of the crypto market. See the list of all exchange rates in the Iran market currencies section .

The information on this page is for information only and is not a recommendation to buy or sell. Prices come from the stated sources and may differ slightly from the rate at your local exchange shop.