Iran’s currency hits record low as war erodes economy

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 steady erosion of the Iranian economy. The decline came 27 days after the rial hit its previous record of 2.2 million on Sept. 2, with the currency repeatedly reaching new lows since the war began in February. Iran's foreign minister said indirect negotiations with the U.S. over reopening the Strait of Hormuz have become "more serious." Iran's Revolutionary Guard spokesman urged Americans to protest the conflict, while U.S. officials expressed confidence Iran's economy cannot sustain the war. Mediation efforts continue despite President Trump rejecting an Iranian proposal to reopen the strait under conditions including lifted sanctions.