Iran's Rial Plummets to Record Low Amid Severe Inflation and US Sanctions

Iran's economy is facing severe challenges as its currency, the rial, has hit an all-time low against the US dollar. The free-market selling rate of the US dollar in Iran has reached a record 2.3 million rials, according to Pashizi.com, a website tracking the country's free foreign exchange market.

The sharp depreciation of the rial comes as Iran struggles with the impact of new US sanctions, dubbed Operation Economic Outcast, aimed at further isolating Tehran from the international economy.

Iran's annual inflation rate has reached 61.4%, while food prices have increased by 128.1% year-on-year, according to official data.