IRAN'S rial on Sunday (August 23) sunk to a record low against the U.S. dollar, local media reported, as the U.S.-Iran war approaches its six month anniversary.
Iranian media reported the U.S. dollar traded at 2 million rials on the open market on Sunday, a record low for the Iranian currency, as sanctions pressure the economy and peace talks with Washington remain stalled.
Iran's economy is already under huge pressure from international sanctions, its infrastructure has been hit repeatedly and thousands of people have been killed in airstrikes on the Islamic Republic since the U.S. and Israel launched attacks on February 28.
But Tehran remains defiant after nearly six months of war and has brought shipping to a virtual standstill in the Strait of Hormuz, refusing to allow unauthorized oil tankers to transit a waterway that is vital for global oil shipments. The effective blockade of the strait has pushed up global oil prices.
U.S. attacks have severely diminished Iran's economy and devastated its navy and air force, but Tehran maintains enough missile and drone capability to impede oil tanker traffic and attack regional rivals.
