Iran’s currency hits record low as war erodes economic stability

Iran's currency fell to a new record low on Tuesday, with traders in Tehran exchanging over 2.5 million rials per U.S. dollar, reflecting the war's erosion of Iran's economy. The decline came 27 days after the previous record of 2.2 million rials on Sept. 2. 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 the final U.S. response. The Revolutionary Guard appealed to Americans to protest the conflict, urging Washington to admit defeat. The mediation efforts continue despite President Donald Trump rejecting an Iranian proposal to reopen the strait in seven days in exchange for sanctions relief. The war has raised U.S. gasoline prices ahead of the Nov. 3 midterm elections, with Trump predicting the conflict will end after the vote.