Iranian Rial Hits New Record Low Amid Ongoing Conflict

The Iranian rial has hit a new record low against the US dollar, reaching over 2.5 million rials per dollar on Tuesday.

This is the latest decline in the currency's value since the start of the war in February, with the previous record low being just 27 days prior at 2.2 million rials to the dollar.

The Iranian economy has been under strain for years due to international sanctions, but a US naval blockade on Iranian oil and new sanctions imposed since the start of the war have exacerbated its decline.

Foreign Minister Abbas Araghchi said that indirect negotiations with the US aimed at reopening the Strait of Hormuz are 'more serious', with Qatari mediators set to engage with the US side soon.