Iranian Rial Crashes to Record Low Ahead of New US Sanctions

The Iranian rial plummeted to a record low on Monday, just hours before the United States announced new sanctions targeting various sectors of Iran's economy.

The rial fell to 2.02 million against the US dollar on currency markets, while the official exchange rate set by Iran's Central Bank stood at around 1.5 million rials per dollar, according to Xinhua.

The currency has been under pressure since joint US-Israeli attacks in February, and nearly six months of conflict have put additional strain on Iran's economy.