Iran’s rial fell to a fresh record low against the US dollar on Tuesday, with the free-market rate crossing 2.5 million rials per dollar.
The dollar was quoted at 2.7 million rials according to Pashizi, a website tracking Iran’s free foreign exchange market.
The latest decline follows a series of record lows for the currency. The dollar reached 2.4 million rials in the free market on Monday, amid heavy US sanctions and high inflation.
Iran’s currency has weakened further since the US-Israeli assault began in February, as the war and a US naval blockade put additional pressure on the economy.
The latest slide comes as mediators work with Washington and Tehran on talks aimed at reopening the Strait of Hormuz.