Iran's rial hits record low as U.S. readies new sanctions

Iran's currency hit a record low Monday as Washington prepared to announce new sanctions, adding pressure to an economy already strained by previous sanctions and a U.S. naval blockade. The rial dropped to 2.02 million per dollar in market trading. The currency had been weakening before the U.S. and Israel attacked Iran on Feb. 28, facing double-digit inflation and negative growth, but nearly six months of war have worsened conditions. Daily staples have become increasingly unaffordable, with rice up 60% and beef prices over 150% higher since the conflict began. Iran retains a strategic advantage by disrupting shipping in the Strait of Hormuz, through which a fifth of the world's traded oil transited before the war. Tehran is reportedly finalizing a joint management plan with Oman, whose foreign minister visits Tuesday. The U.S. plans secondary sanctions on countries doing business with Iran.