Rial Hits New Low as War Erodes Iran's Economic Stability

Iran's currency has reached a new record low, with traders exchanging over 2.5 million rials to the U.S. dollar on Tuesday. This decline comes just 27 days after the rial hit its previous record of 2.2 million to the dollar on September 2.

The Iranian rial has repeatedly reached new lows since the war began in February, causing economic instability. The country's top diplomat, Foreign Minister Abbas Araghchi, stated that indirect negotiations with the United States aimed at reopening the critical Strait of Hormuz have become 'more serious.'

Araghchi also mentioned that Qatari intermediaries are expected to engage with the U.S. side soon, and a final response will be conveyed to Iran after that. The U.S. and regional officials have confirmed that mediators are working on brokering a deal to end the fighting and open the strait.