Iranian Rial Plummets to New Record Low Amid Ongoing Conflict and Sanctions

The Iranian rial has hit a new record low against the US dollar, dropping to over 2.5 million rials per dollar in Tehran's currency market.

This is the latest decline for the rial, which has repeatedly reached new lows since the war began in February and has been under pressure from international sanctions, including a US naval blockade on Iranian oil and new sanctions imposed since the start of the conflict.

The Iranian economy has been strained for years due to these sanctions, but the current situation is particularly dire, with traders exchanging large amounts of currency at the record low rate.

Foreign Minister Abbas Araghchi said indirect negotiations between Iran and the US aimed at reopening the critical Strait of Hormuz have become 'more serious', while Gen. Hossein Mohebbi, the chief spokesman for the Iranian Revolutionary Guard Corps, called on Americans to protest the conflict and urged their government to end the war.

The Trump administration has imposed new sanctions on 10 individuals and entities based in Iran, Hong Kong, and Pakistan over accusations of procuring weapons and weapon components for Iran's defense ministry.