Iranian Rial Hits Record Low Amid Ongoing War

The Iranian rial has hit a new record low, falling to over 2.5 million to the US dollar as the war in the Middle East continues to erode Iran's economic stability.

This marks the currency's fifth decline since the conflict began in February, with each fall reaching a lower level than its predecessor.

The latest drop comes just 27 days after the rial hit its previous record of 2.2 million to the dollar on September 2.

Foreign Minister Abbas Araghchi said that indirect negotiations with the US aimed at reopening the critical Strait of Hormuz have become 'more serious', but no concrete progress has been made yet.