The free-market USD/IRR rate settled near 2.7 million rials per dollar by late October 2026 amid sustained US sanctions, a naval blockade that curtailed oil exports, and inflation exceeding 70 percent, which boosted domestic demand for hard currency. Central bank interventions, including up to $2 billion in dollar sales through state banks, narrowed volatility after earlier spikes above 2.68 million but did not reverse the broader depreciation trend driven by constrained foreign-exchange inflows. This outcome aligns with the trader consensus at 2.7-2.8 million, reflecting observable street rates tracked by multiple market benchmarks. A sudden easing of export restrictions, major diplomatic concessions, or sharp reversal in oil revenue could still shift the final resolution if confirmed within the market window.