Iran's Currency Hits Record Low as War Weighs on Economy

Iran's currency has reached a record low for the second time in under a month. The rial fell to over 2.5 million against the US dollar, a drop of nearly 15% from its previous record of 2.2 million set just 27 days ago.

The ongoing conflict in Iran has been a major contributor to the currency's decline, with economists attributing the latest fall to escalating tensions and the resulting economic instability.

Iran's top diplomat, Foreign Minister Abbas Araghchi, announced that indirect negotiations with the US aimed at reopening the critical Strait of Hormuz have become 'more serious'. Qatari mediators are expected to soon engage with the US side, but no timeline for a response has been given.