Iran’s Rial Hits Record Low As Hormuz Talks Intensify

Iran’s rial has fallen to a new record low of more than 2.5 million to the US dollar, as the ongoing Middle East war continues to put pressure on the country’s economy.
According to the Associated Press, traders in Tehran exchanged more than 2.5 million rials for $1 on Tuesday, just 27 days after the currency reached its previous record low of 2.2 million rials to the dollar on September 2.
The latest decline reflects mounting economic pressure on Iran, with the rial repeatedly reaching new lows since the conflict began in February.
The currency’s slide comes as Tehran awaits a response from Washington over efforts to reopen the strategically important Strait of Hormuz, with Iranian...