Iran's Rial Falls Below 1 Million Mark Amid Sanctions

Iran's currency, the rial, has plummeted to a record low of 1,039,000 rials per U.S. dollar amid ongoing economic uncertainty and the absence of productive nuclear talks with the U.S. This decline represents a significant drop since President Masoud Pezeshkian took office last August, exacerbated by U.S. sanctions and regional tensions, particularly following Israeli actions against Hezbollah. The rial's value has halved since the reimposition of sanctions in 2018, with inflation soaring above 40%, prompting many Iranians to seek refuge in foreign currencies and gold. Diplomatic efforts have stalled, with Iran's Supreme Leader dismissing recent U.S. negotiation proposals as deceptive. The current situation raises fears of potential conflict, although Iranian officials claim they are prepared for such scenarios. The economic turmoil is further reflected in rising prices for essential goods, with food inflation estimated at 100%.