Iranian Rial Crashes to Record Low Amid Economic Pressure

Iran's currency has hit a record low, with the US dollar trading at over 220,000 tomans on the free market. This is equivalent to 2.2 million rials.

The euro and British pound also saw significant drops, reaching near 255,000 and 297,000 tomans respectively.

According to industry data cited by Reuters, Iranian crude exports have fallen sharply in recent months, from around 2 million barrels per day in March to between 220,000 and 255,000 bpd in August.

The Central Bank of Iran has stated that it has sufficient foreign-currency reserves and is prepared to inject up to $2 billion into the market to curb volatility.