Iran’s rial hits record low past 2.5 million per dollar
legit.ng —
Iran’s currency, the rial, has plunged to a record low of over 2.5 million per US dollar, intensifying economic strain amid ongoing conflict and indirect US talks over the Strait of Hormuz. The fall on Tuesday, September 29, came just 27 days after the rial hit 2.2 million per dollar on September 2. The depreciation has raised living costs, rents, and medical expenses, while US restrictions on oil sales have cut foreign exchange earnings. Iranian Foreign Minister Abbas Araghchi said indirect talks with Washington on reopening the Strait of Hormuz have grown more serious, with Qatari and Pakistani mediators involved. Iran proposed reopening the waterway within seven days, but US President Donald Trump rejected the offer.