Rial Hits Record Low Amid Sanctions and Blockade

The Iranian rial has hit an all-time low against the US dollar, as the country's economy continues to decline. The rial's value reached a record low of 2.548 million rials per one US dollar on Tuesday, according to Pashizi, a tracker for free-market exchange rates.

This marks a significant drop in the rial's value since July, when it stood at around 1.79 million rials per US dollar. The decline is attributed to the dual pincers of more rigidly enforced sanctions and the effects of the US blockade, which was reimposed on July 14.

The blockade has stripped Iran of much-needed export revenue, with nearly two and a half months passing without any new oil tankers reaching Chinese ports. This has contributed to the rial's depreciation, with analysts noting the drastic effects of the blockade as early as September 1.