On Tuesday 10 November 2026 the toman tether market on one Iranian exchange fell from 258,566 toman at 19:00 to 208,950 at 19:29 (19.2%), then recovered to 255,871 toman by 20:44. Sahmino's record shows a day low of 204,048 toman, but another exchange's 24-hour low was 250,000. The 255,000 line is the test until Friday 13 November.
Tether fell about 19% in half an hour! But there is one thing you should know: the drop was not recorded the same way on every exchange.
On Tuesday 10 November 2026, in the toman tether market of one Iranian exchange, the price was about 258,566 toman at 19:00 and reached 208,950 toman at 19:29, a drop of 19.2% (base: the 19:00 price), with an intraday low of 200,000 toman in those minutes. Sahmino's record shows a day low of 204,048 toman; yesterday's close was 264,786 toman, so the fall to that low is 22.9% (base: yesterday's close). The last trade at 20:44 tonight is 255,871 toman. The question here: was the shock temporary, or the start of a bigger fall?
Background
For many market participants the toman tether price is the live reference for the free-market dollar, and each domestic exchange forms it from its own order book. From 30 September 2026 several domestic exchanges switched off the toman tether market overnight and capped daily buying at 2,000 USDT (Sahmino news item, 1 October). On 13 October the free-market dollar fell to about 258,000 toman and tether to about 257,000, as the central bank supplied more foreign currency (Sahmino news item, 13 October). Sahmino's record for that day shows an intraday low of 254,091 and a close of 258,014 toman.
From that day to 9 November no daily close fell below 258,014 toman. Closes between 8 October and 9 November ranged from 258,014 to 273,245 toman (the intraday high on 30 October was 275,509). Tonight's low was therefore outside that whole range. If tether is new to you, the lesson Crypto from Zero: Bitcoin and Tether explains how this market works.
The numbers, with their time and source
Close on 9 November 2026: 264,786 toman. Today's high 263,937 and low 204,048 toman (Sahmino record, tether page).
Last trade at 20:44: 255,871 toman, 3.37% below yesterday's close. This is not a close; today's point is still provisional.
Minute reading from one domestic exchange's toman tether market: about 258,566 at 19:00, 208,950 at the end of the 19:29 minute with a low of 200,000, about 245,000 at 19:37 and about 252,000 at 20:00.
Another domestic exchange (read at 20:50): 24-hour low 250,000, high 264,400 toman, 24-hour drop of 2.43%; that market did not record such a low.
Free-market dollar: 263,900 toman on 9 November and 259,900 toman at 19:59 today, 1.52% lower (Sahmino record, dollar page).
Drivers
A mechanism that is true by definition: a market's price is the price of its last matched order. When a run of sell orders eats the buy orders one by one, that market's price falls until the buy orders run out and recovers as buyers arrive. A market that did not hold those orders does not record the same low. The readings show exactly that: two readings saw a low near 200,000 to 204,000, and a third a low of 250,000.
No dated, citable source has announced the cause of that wave of selling, and this report names none; it states only the observed relationship: the free-market dollar fell 1.5% in the same hours and tether 3.4% today, so for now this move is not a sign of a large dollar collapse. Sharp short-term swings and back-and-forth moves remain likely.
Outlook
The 255,000 toman line comes from the data: the 13 October low was 254,091 and that day's close 258,014 toman, and tonight's 255,871 toman sits 0.3% above the line (base: 255,000). If a daily close settles below it, that becomes the lowest close in at least 30 sessions and selling pressure and a retest of lower prices become more likely. If it holds above, tonight's low was a momentary shock in the order book. This reading is this report's own, built from the evidence above; the Sahmino desk's call is separate.
The Sahmino desk has held a "buy" stance on tether since the session of 9 November 2026: reference 264,786, target 279,008 and invalidation 259,758 toman over 20 sessions. Tonight's last trade is 1.5% below that invalidation (base: the invalidation), so until closes recover this call is a claim under pressure and not an entry point. The desk's previous tether call (session of 11 October) expired with a net return of 1.17%. Across all 3,294 settled desk calls on every instrument, 1,477 reached target, 1,583 were invalidated and 234 expired; that record is not specific to tether.
Bottom line
Tonight's shock looks temporary across most of the market, provided tether stays above 255,000 toman. This report's call: tether stays above 255,000 toman until Friday 13 November; this holds while Sahmino's daily close stays above 255,000 toman and is invalidated by one daily close below it. Assessed 10 November 2026 at 20:44.
What to follow
The daily close of tether on Sahmino's tether page against 255,000 toman until Friday 13 November.
The gap between tether and the free-market dollar on the dollar page, to see whether the drop stayed apart from the dollar.
The two bounds of the film's closing question: will tether stay above 260,000 toman or fall below 230,000 in the coming days?
Terms
Order book: the list of buy and sell orders in a market, which sets the last trade price.
Invalidation: the price which, if broken, voids the call.
Daily close: the last price recorded for a full day, not a mid-day price.
