Iran’s Currency Hits Record Low as War and Sanctions Worsen Economic Crisis

Iran's currency plunged to a record low on Tuesday, with traders exchanging over 2.5 million rials per U.S. dollar, reflecting the war's severe toll on the economy. This decline follows a previous low of 2.2 million on Sept. 2, driven by a U.S. naval blockade and new sanctions. The economic freefall has persisted since the war began in February, compounding years of sanctions pressure. Iran's foreign minister said indirect talks with the U.S. on reopening the Strait of Hormuz have become "more serious," with Qatari mediators expected to relay Washington's final response. Meanwhile, the Revolutionary Guard's spokesman urged Americans to protest the conflict, claiming Washington must admit defeat and leave the region. U.S. officials insist sanctions and the blockade are working, with Secretary of State Marco Rubio predicting an economic "cataclysm" for Iran.