Iranian rial hits record low of 2.548 million per dollar

Iran's rial fell to a record 2.548 million per U.S. dollar on Tuesday, according to the tracker Pashizi, down from about 1.79 million per dollar in mid-July when a Memorandum of Understanding collapsed. The decline follows renewed U.S. sanctions, a naval blockade and an intensified bombing campaign amid the U.S.-Israeli conflict with Iran, compounding an economic downturn that began before the war.