Iranian Rial Hits Record Low as War With U.S. and Israel Deepens Economic Crisis

Iran's economy has been pushed deeper into crisis by the ongoing war with the United States and Israel, sending the country's national currency, the rial, to a record low against the U.S. dollar.

Traders in Tehran's open market were exchanging more than 2.5 million rials for one U.S. dollar on Tuesday, marking the weakest level ever recorded for the Iranian currency.

The latest plunge comes just 27 days after the rial hit a previous record low of 2.2 million per dollar on September 2, highlighting the rapid deterioration of Iran's financial situation.

Since the outbreak of the conflict in February this year, the rial has repeatedly fallen to new historic lows as the country grapples with mounting economic pressure.

Before the joint military campaign by the United States and Israel began, the U.S. dollar traded at around 1.7 million rials on the open market. The war has since fueled soaring inflation, weakened investor confidence, and intensified economic uncertainty, placing Iran's currency market under severe strain.

Economists say the continued depreciation of the rial reflects growing concerns over the country's economic stability as the conflict drags on, further eroding purchasing power and increasing the cost of imports for Iranian consumers.