Iran’s currency plunges to record low as war devastates economy

Iran’s rial has plunged to a new record low against the US dollar, deepening the country’s economic crisis as its war with the United States continues. The currency’s latest fall came just 27 days after it hit its previous all-time low of 2.2 million to the dollar on Sept. 2. The currency has repeatedly reached new lows since the war began in February, with a US naval blockade on Iranian oil and fresh sanctions sending the economy into free fall. Iran’s top diplomat said indirect negotiations with Washington aimed at reopening the critical Strait of Hormuz have become “more serious,” while the US Treasury announced new sanctions Tuesday on 10 individuals and entities accused of procuring weapons for Iran’s defense ministry. The Iranian Revolutionary Guard Corps’ chief spokesman called on Americans to protest the conflict, urging them to pressure their government to end the war. Meanwhile, a key Saudi oil pipeline shut down after an attack is operating again, with tankers loading some 12.5 million barrels at export terminals.