Iranian rial hits record low as US unveils new sanctions

Iran's currency tumbled to an unprecedented low on Monday, sliding to 2.02 million rials against the US dollar as open-market trading began. The official rate set by Iran's Central Bank stood at approximately 1.5 million rials per dollar, underscoring the widening gap between state-controlled and market-driven valuations.

The sharp decline came just hours before Washington announced a new round of sanctions designed to further isolate Tehran. US Treasury Secretary Scott Bessent described the measures as an "economic onslaught against Iran's financial connections around the globe," warning of an "economic D-Day" for the country.

The fresh sanctions target five key sectors: digital assets, technology, gold, aviation, and shipping, according to the Treasury Department.

The rial had already been under pressure before the joint US-Israeli strikes on February 28. Nearly six months of conflict have since placed additional strain on Iran's economy, with the currency repeatedly setting new lows as the crisis has deepened.

The latest developments signal continued economic turbulence for Iran, as international pressure mounts alongside domestic financial instability.