Ankara:Iran's rial fell to a new record low against the US dollar, with the free-market rate crossing 2.5 million rials per dollar. The dollar was quoted at 2.542 million rials, marking a 3.84% increase from the previous day, as reported by Pashizi, a website monitoring Iran's free foreign exchange market. During the day, it reached an intraday high of 2.548 million rials.

According to Anadolu Agency, this decline is part of a series of record lows for the Iranian currency. On Monday, the dollar was at 2.4 million rials in the free market, influenced by persistent US sanctions and high inflation.

The weakening of Iran's currency has continued since a US-Israeli assault began in February, exacerbated by a US naval blockade that has further strained the economy. This latest drop occurs amidst ongoing mediation efforts with Washington and Tehran to reopen the Strait of Hormuz.