Iranian Rial Hits New Low Amid Ongoing War and Economic Strife

The Iranian rial has hit a new low, falling to over 2.5 million rials per US dollar. This marks another record decline in the currency's value since the war began in February. The latest drop comes just 27 days after it reached its previous record low of 2.2 million rials per US dollar on September 2.

The Iranian economy has been struggling due to international sanctions and a US naval blockade on Iranian oil, which has sent the currency into free fall. Foreign Minister Abbas Araqchi stated that indirect negotiations with the US have become 'more serious' and are focused solely on reopening the critical Strait of Hormuz.

Araqchi also revealed that Qatari intermediaries will soon engage with the US side to convey any response, after which a decision will be made in Tehran. Officials from both countries confirmed that mediators are working to broker a deal to end the fighting and open the strait.