Iranian Rial Hits Record Low Against Dollar Amid Sanctions and Inflation

The Iranian rial has hit an all-time low against the US dollar due to severe inflation and economic sanctions. The free market selling rate of the dollar in Iran reached a record high of 2.4 million rials, according to pashizi.com.

This sharp depreciation is largely attributed to the country's struggle with heavy US sanctions and an annual inflation rate that has risen to 61.4%. Official data also shows a significant increase in food prices, with a year-on-year rise of 128.1%.