Iranian Rial Hits Record Low Amid Economic Sanctions

The Iranian rial has reached a new record low, falling to 2.688 million rials per US dollar just days after hitting a previous nadir of 2.5 million rials. The decline comes as the country's central bank injects up to $2 billion into the market in an effort to support the currency.

The value of the rial has been steadily dropping since the war began in February, and it has now lost more than half its value over the past year. According to tracking website bon-bast.com, the US dollar was sold at 2.688 million rials on Saturday, up from 2.632 million on Friday.

The central bank's injection of $2 billion is intended to stabilize the currency and make it more affordable for ordinary citizens. However, many Iranians are still seeking safe havens for their savings by buying dollars or other hard currencies.

US officials have been predicting that Iran's economy will collapse under the pressure of sanctions and a naval blockade aimed at preventing Iranian oil from reaching the market. Mehdi Darabi, an aide to the central bank's governor on foreign exchange affairs, has blamed the decline of the rial partly on these false predictions.