Iran's Rial Crashes to Record Low Amid Ongoing Sanctions

The value of Iran's rial has plummeted to a record low, dropping to 2.02 million to one US dollar on Monday as the country's citizens rush to exchange their cash before further economic sanctions take effect.

This marks a significant decline from its value at the start of the year and is attributed to years of Western sanctions, persistently high inflation, and ongoing war in the region.

Citizens are scrambling to save what little money they can by exchanging their rial for US dollars, with exchange markets in downtown Tehran experiencing a surge in activity.

'There is no hope for a deal and peace,' said Sadegh Mahmoudi, 73, who was waiting at an exchange line. 'President Trump decimated Iran's economy to a point where the rial has never been weaker and inflation has rarely been higher.'