Rial Hits Record Low Amid New Sanctions Threat

Dubai's informal currency markets saw Iran's rial drop to an all-time low of 2.02 million to the US dollar on Monday, as Washington prepares to announce new sanctions that could further pressure the already battered Iranian economy.

The rial had been under pressure before the US and Israel attacked Iran on February 28, with double-digit inflation and negative growth, but has continued to hit new record lows in nearly six months of war.

US Treasury Secretary Scott Bessent promised even stronger sanctions than those already in place would be announced, including secondary sanctions on countries that continue to do business with Iran.