Iranian Currency Hits Record Low Amid Ongoing Conflict

The Iranian currency has reached a new record low, with over 2.5 million rials now required to exchange for one U.S. dollar in Tehran. This decline comes just 27 days after the rial hit its previous record low of 2.2 million to the dollar on September 2.

The Iranian economy has been under strain due to international sanctions, but a U.S. naval blockade on Iranian oil and new sanctions imposed since the start of the war have exacerbated the situation.

Iran's top diplomat, Foreign Minister Abbas Araghchi, said that indirect negotiations with the United States aimed at reopening the critical Strait of Hormuz have become 'more serious.'