Tehran: The exchange rate of the US dollar in Iran’s open market has surpassed 2.45 million rials. The rapid depreciation of the Iranian rial has pushed it to a new record low.

On Monday, the dollar opened at approximately 2.405 million rials; however, its value climbed during trading, exceeding the 2.45 million rial mark.

A week ago, the dollar stood at around 2.33 million rials, whereas a year ago, the rate was approximately 1.11 million Iranian rials—meaning the dollar’s value has more than doubled over the past year.

This situation arises as Iran faces economic and military pressure, alongside emerging efforts for potential new indirect negotiations with the United States.

According to Reuters, separate meetings involving the US, Iran, and mediators are expected to take place today, Tuesday. These talks will focus on a revised draft of the seven-point proposal previously presented by Tehran on the sidelines of the UN General Assembly session.

The weakening rial and mounting trade obstacles are further intensifying economic pressure on Iran, while warnings regarding the Strait of Hormuz and recent military skirmishes keep the threat of conflict looming over Iran and the region.