Iran's currency hits record low as war and sanctions strain economy

Iran's currency fell to a new record low on Tuesday, with traders in Tehran exchanging more than 2.5 million rials per U.S. dollar, reflecting the war's severe impact on the Iranian economy. The decline came 27 days after the rial hit its previous low of 2.2 million on Sept. 2, with repeated record lows since the war began in February. U.S. naval blockades on Iranian oil and new sanctions have driven the freefall. Iran's foreign minister said indirect negotiations with the U.S. over reopening the Strait of Hormuz have become "more serious," with Qatari mediators expected to relay Washington's final response. Meanwhile, a Revolutionary Guard spokesman urged Americans to protest the conflict.