Iranian Rial Crashes to New Low Amid US Sanctions

The Iranian Rial has continued to decline in value against major foreign currencies, hitting a record low on Sunday. The US dollar was reportedly trading at over 2.7 million rials on the country's free market, while the euro and British pound reached around 3.02 million and 3.56 million rials respectively. The depreciation of the Rial has been attributed to the US sanctions and restrictions on Iranian oil exports, as well as the economic costs of the conflict with the United States.

Iran's central bank had announced plans to sell up to $2 billion through state banks in an effort to support the currency. This move is aimed at stabilizing the Rial and mitigating the effects of the depreciation on the economy. However, it remains to be seen whether this measure will be effective in reversing the trend.