The US dollar traded at IRR1,447,500 on Iran's free market on January 5, according to Bonbast exchange rates published on January 5.

The euro sold at IRR1,693,000 whilst the British pound reached IRR1,952,000 on the unofficial market. The rates represent the free market prices where Iranians can actually exchange currencies, which differ substantially from the Central Bank of Iran's official rates.

The UAE dirham, widely used for trade transactions in the Gulf region, traded at IRR397,000 sell and IRR396,500 buy. The Saudi riyal stood at IRR386,000 sell whilst the Qatari riyal reached IRR397,000.

Gold prices on the Iranian market showed one ounce trading at $4,443.47, with a gram of gold priced at IRR15,691,629. The Emami gold coin, a popular investment vehicle in Iran, reached IRR160mn on January 5.

Regional currencies showed the Kuwaiti dinar at IRR471,300, reflecting its position as one of the world's strongest currencies. The Iraqi dinar traded at IRR11,050 per 100 dinars, whilst the Turkish lira stood at IRR3,365.

The Russian rouble traded at IRR1,785, whilst Asian currencies including the Chinese yuan reached IRR20,700 and the Indian rupee stood at IRR1,605. The spread between buy and sell rates remained relatively narrow across most currencies, indicating active trading on the unofficial market.

Iran's currency market operates on multiple tiers, with official rates set by the Central Bank, a market rate for importers of essential goods, and the free market rate where most Iranians conduct foreign exchange transactions. The government removed preferential exchange rates for basic commodities earlier this year, creating disruption across multiple sectors.