Iran's currency hits record low as nuclear sanctions impact economy

Iran's currency, the rial, hit a new low of 1.2 million to the U.S. dollar on Wednesday due to economic pressure from nuclear sanctions. This currency devaluation is increasing the cost of essential goods like meat and rice, making daily life more challenging for Iranians. Stalled nuclear negotiations and concerns over regional conflict exacerbate the situation. The rial's value has plummeted since the U.S. withdrew from the nuclear deal in 2018, with renewed sanctions impacting foreign currency inflow and potentially the government's ability to maintain infrastructure.