Iranian Rial Hits Historic Low as Inflation Soars

The Iranian rial has hit an all-time low against the US dollar, reaching 2.4 million rials per dollar in the free foreign exchange market.

This collapse comes amid soaring inflation, with annual inflation rates at 61.4% and food prices increasing by a staggering 128.1% year-on-year.

The economic crisis has been exacerbated by US sanctions, including 'Operation Economic Outcast', launched on August 24 to cut Iran off from international economic links.