The Iranian rial has fallen to a new low, with traders in Tehran exchanging more than 2.5 million rials for one US dollar as the country’s economy comes under mounting pressure during the war.
The latest decline came only 27 days after the currency reached its previous record low of 2.2 million rials to the dollar on September 2. The rial has repeatedly set new lows since the conflict began in February.
Iran’s economy had already been strained by years of international sanctions. A US naval blockade on Iranian oil and further sanctions imposed since the start of the war have intensified the pressure, sending the currency into free fall.
At the same time, Iran’s foreign minister said indirect negotiations with the United States over reopening the Strait of Hormuz had become “more serious”.
Abbas Araqchi said the talks were now focused solely on the strategic waterway, which has become a central point in the conflict. He made the comments to Iranian media late on Monday before leaving New York, where he had attended last week’s United Nations General Assembly.
Mr Araqchi had also met Pakistani and Qatari mediators. He said Qatari intermediaries were expected to raise the matter with US officials again before conveying Washington’s final response to Tehran.
“If there is a response, the Qataris will convey it to us and a decision will be made in Tehran on that basis,” Mr Araqchi said.
Officials, including those from the US, have confirmed that mediators are working with Iran and the United States to try to broker an agreement to end the fighting and reopen the Strait of Hormuz.
The US administration said on Tuesday that 10 individuals and entities based in Iran, Hong Kong and Pakistan would face sanctions over accusations that they had procured weapons and weapons components for Iran’s defence ministry during the seven-month war.
