Iran war live updates: Hegseth testifies and Trump says he’s rejecting Iran’s proposal
Iran’s rial fell to a brand new document low of 1.8 million to the US greenback, foreign money merchants mentioned, extending a pointy decline after a roughly 45-day war involving Iran, the United States and Israel and a US naval blockade focusing on Iran’s oil exports.
The new charge marks a 12.5% drop from the January stage of 1.6 million to the greenback. It is more likely to additional gasoline inflation in a rustic the place many imported items, from meals and drugs to electronics and uncooked supplies, are affected by the greenback charge.
The newest slide comes months after a earlier foreign money shock helped gasoline nationwide protests in January. At the time, the rial weakened from about 1.4 million to 1.6 million to the greenback in lower than every week, deepening public anger over rising costs and fears concerning the nation’s financial future.
Iran’s economic system has confronted years of sanctions, persistent inflation and a widening hole between official and open-market trade charges. The war, which started in early March and lasted about 45 days, added new pressure to companies, households and state funds.
