Iran's Rial Crashes to Record Low Amid Naval Blockade and Sanctions
Iran's currency has hit an all-time low against the US dollar due to ongoing conflict and economic pressure. The Iranian rial weakened to around 1.8 million against the US dollar on the open market, a sharp fall from roughly 811,000 a year ago.
The latest decline follows renewed volatility after weeks of relative stability earlier in the conflict. Limited trading activity initially masked deeper economic stress, but the currency has now resumed its slide, raising concerns of further inflation as import costs surge.
The United States has intensified pressure through a naval blockade imposed earlier this month, following Iranian restrictions on vessels transiting the Strait of Hormuz, a critical global oil corridor. Reports indicate maritime traffic has dropped significantly, disrupting trade flows with key partners including China and the UAE.