Iranian Rial Plunges to New Low Amid Ongoing Conflict

The Iranian rial has hit a record low against the US dollar in Tehran, with traders exchanging over 2.5 million rials to one USD.

This decline marks another milestone in the currency's steady erosion since the war began in February.

The rial had previously reached its previous record low of 2.2 million to the USD just 27 days ago on September 2.

The Iranian economy has been under pressure for years due to international sanctions, but a US naval blockade on Iranian oil and new sanctions imposed since the start of the war have accelerated its decline.