business π Iranian rial crashes as dollar hits record high
The Iranian rial dropped to a new open-market low on Sunday, with the US dollar crossing 2 million rials. This happened in Tehran as the country faces looming US sanctions and stalled diplomatic talks with Washington. The dollar rose over 7% against the rial in less than a week, showing growing anxiety about US economic pressure. This slump follows the expiration of a June 17 memorandum without a nuclear deal. The immediate focus is Washington's expected sanctions announcement on Monday and Tehran's reaction.