Iran currency falls to record low of 1,043,000 rials to $1

60-Second Summary

Iran's rial hit a record low against the US dollar, trading at over 1 million rials per dollar. The devaluation, exacerbated by renewed US sanctions and ongoing political tensions, occurred after a long holiday. Currency traders in Tehran reported uncertainty about the rial's future. The economic downturn is impacting Iranians, fueling public anger and political pressure on the government. This follows the impeachment of the finance minister and the firing of a vice president for taking a luxury trip amid widespread economic hardship.