Iranian currency hits historic low at 1.13 million rials per US dollar

The Iranian currency has reached a historic low, trading at 1.13 million rials to 1 US dollar as of this morning. This marks a significant decline from the previous week"s rate of 1.03 million rials to the dollar.

Comparatively, a year and a half ago, the exchange rate was approximately 600,000 rials to the dollar. The rapid depreciation of the Iranian currency is attributed to the return of sanctions, which has exacerbated the country"s economic instability.

Residents are facing high inflation, resulting in a decreased purchasing power for food and services. The ongoing economic challenges are hindering Iran"s ability to engage in trade with foreign entities, further contributing to the instability of the economy.

For more on related coverage, see recent developments in the political landscape.