Iranian rial plunges to new historic low amid war and diplomatic talks
The rial fell to over 2.5 million per U.S. dollar, a fresh record, as the war-driven crisis deepens and indirect talks with the United States intensify.
The Iranian rial reached a new historic low, with exchange rates surpassing 2.5 million rials to the U.S. dollar, marking the steepest decline since the war started in February. This follows a previous record of 2.2 million set on Sept. 2, highlighting the war’s mounting pressure on the economy. Iran’s senior diplomat indicated that indirect talks with the United States aimed at reopening the vital Strait of Hormuz are now “more serious.”
Meanwhile, Revolutionary Guard Corps spokesman Gen. Hossein Mohebbi called on Americans to take to the streets in protest. Foreign Minister Abbas Araghchi, speaking after his New York trip to the U.N. General Assembly and meetings with Pakistani and Qatari mediators, said the Qatari team will press the United States for a response, which Tehran will consider before deciding its next steps.
Why it matters
The rial’s collapse signals worsening economic strain in Iran and underscores high-stakes diplomatic efforts to secure the Strait of Hormuz.
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