Iranian Rial Crashes to New Record Low Amid Ongoing Economic Pressures

Iran's currency, the rial, hit a fresh record low against the US dollar on Tuesday, reaching an all-time high of 2.542 million rials per dollar in the free market.

The rate increased by 3.84% from Monday's previous day high, according to Pashizi, a website tracking Iran's free foreign exchange market.

This decline follows a series of record lows for the currency, with the dollar reaching 2.4 million rials in the free market on Monday due to heavy US sanctions and high inflation.

The weakening of the Iranian rial has been ongoing since the US-Israeli assault began in February, which put additional pressure on the economy through a war and US naval blockade.