Iranian Rial Crashes Through 2.5 Million Mark Against US Dollar

The Iranian rial hit a new record low against the US dollar on Tuesday, with the free-market rate reaching 2.542 million rials per dollar.

This marks an increase of 3.84% from the previous day's rate and surpasses Monday's record low of 2.4 million rials, according to Pashizi, a website tracking Iran's free foreign exchange market.

The latest decline follows a series of record lows for the currency, which has been weakened by heavy US sanctions and high inflation.

The situation is further complicated by the ongoing conflict in the region, with mediators working to negotiate an end to the war and reopen the Strait of Hormuz.