Iran’s Rial Hits Record Low as US Prepares New Sanctions

Iran’s currency hit a record low Monday as the U.S. prepared to announce new sanctions, deepening pressure on an economy already strained by war and prior measures. The rial traded at 2.02 million to the dollar in markets. The currency had weakened before the U.S. and Israel attacked Iran on Feb. 28, amid double-digit inflation and negative growth, but nearly six months of conflict have worsened it. Basic goods prices have soared, with rice up 60% and beef over 150%. Economic strain has not yet sparked political unrest, and Iran retains leverage by disrupting Strait of Hormuz shipping. Talks with Oman on joint strait management are reportedly near completion, while Pakistan sent a delegation Monday to discuss ending the war.