Iran’s currency, the rial, has fallen to a new record low, with traders in Tehran exchanging more than 2.5 million rials for one US dollar. The latest drop came just weeks after the currency crossed the 2.2-million-rial mark, highlighting the growing pressure on Iran’s economy.
The rial’s decline comes as Iran faces the economic impact of the ongoing Middle East conflict, along with years of international sanctions. Restrictions on Iranian oil exports and a US naval blockade have further affected the country’s access to foreign currency and international trade, adding to inflationary and economic pressures.
Meanwhile, diplomatic efforts are continuing, with Iranian Foreign Minister Abbas Araghchi saying indirect talks with the United States over reopening the Strait of Hormuz have become more serious. Qatar is involved in mediation, while Washington has also announced new sanctions targeting individuals and entities accused of supporting Iran’s military supply chain.