Iranian riyal hits fresh record low at 2.25 million per dollar

Iran’s rial has fallen to a fresh record low of around 2.25 million per U.S. dollar, extending a steep decline in recent weeks.

The currency traded at approximately 2.2 million per dollar earlier this week, according to market data cited in the report.

The latest drop means the rial has weakened by about 12.5% since late August, when it first crossed the 2 million-rial mark against the dollar. Its continued depreciation is putting further pressure on Iran’s economy, with concerns growing over inflation and the rising cost of imported goods.