Iranian Rial Hits Record Low Against US Dollar Amid Economic Crisis

The Iranian rial has hit its lowest level against the US dollar in history as the country grapples with severe inflation and economic sanctions.

The free market selling rate of the US dollar in Iran reached a record high of 2.4 million rials, according to pashizi.com, which tracks the country's free foreign exchange market.

This sharp depreciation in the national currency is largely attributed to Iran's struggles with heavy US sanctions and an annual inflation rate that has hit 61.4%.

The economic situation in Iran continues to worsen, with food prices increasing by a staggering 128.1% year-on-year.