Iran Rial hits record low

Iran's currency, the rial, has fallen to over 2.5 million rials against the US dollar recently. This decline reflects the negative impact of the ongoing conflict in West Asia on Iran's economy. The rial previously hit a record low of 2.2 million to the dollar just 27 days ago. Iranian diplomats indicated that negotiations with the United States concerning the Strait of Hormuz are gaining seriousness.