Iranian Rial Hits Fresh Record Low Against USD

The Iranian rial has hit another record low against the US dollar in Iran's free market. The currency is now trading at a rate of over 2.5 million rials per dollar, with the dollar reaching an intraday high of 2.548 million rials.

This latest decline follows a series of record lows for the currency, which has been weakened by heavy US sanctions and high inflation. The dollar had reached 2.4 million rials in the free market on Monday amid these economic pressures.

The Iranian economy has been further strained since the US-Israeli assault began in February, with a US naval blockade adding to the pressure. Despite efforts from mediators to negotiate a resolution and reopen the Strait of Hormuz, the currency continues to slide.