Rial Hits Record Low Amid Ongoing Conflict and US Sanctions Threats

Iran's rial currency has hit a new record low as the US prepares to announce more sanctions. The currency dropped to 2.02 million rials per US dollar on informal markets, significantly lower than its official rate of around 1.5 million rials.

The devaluation is attributed to nearly six months of war with the US and Israel, which has severely impacted Iran's economy. Double-digit inflation and negative growth have further exacerbated the situation.

In an effort to break the impasse with Iran, US Treasury Secretary Scott Bessent promised stronger sanctions, including secondary measures on countries that continue to do business with Iran.