Iranian Rial Plunges to New Record Low Against Dollar

Iran's currency has hit a new record low against the US dollar. On Tuesday, the free-market rate crossed 2.5 million rials per dollar, with the dollar reaching an intraday high of 2.548 million rials.

The latest decline follows a series of record lows for the currency, which has weakened further since the US-Israeli assault began in February. The conflict and resulting naval blockade have put additional pressure on the economy.

The dollar was quoted at 2.542 million rials, up 3.84% from the previous day, according to Pashizi, a website tracking Iran's free foreign exchange market.