Iran's currency hits a new record low as war erodes the country's economic stability

Iran's currency plummeted to a new record low on Tuesday, with trade exchanges surpassing 2.5 million rials for each U.S. dollar. This sharp decline follows the currency's previous record low of 2.2 million rials to the dollar set just 27 days prior on September 2. The Iranian rial has been steadily weakening since the Middle East conflict erupted in February.

The ongoing economic strain is a direct consequence of international sanctions, particularly the U.S. naval blockade on Iranian oil and fresh sanctions imposed following the war's onset.

Iran's chief diplomat, Foreign Minister Abbas Araghchi, stated that current negotiations are centered solely on the strategically crucial Strait of Hormuz. He made these remarks shortly before traveling to New York for the U.N. General Assembly, following meetings with Pakistani and Qatari mediators. Araghchi revealed that Qatari intermediaries were expected to soon engage with the U.S. side, after which Tehran would receive the American response and make a decision accordingly.

In a provocative appeal to the American public, Iran's Revolutionary Guard Corps spokesman, Gen. Hossein Mohebbi, urged citizens to pressure their government to end the U.S.-Iranian conflict. Mohebbi's appeal came as the conflict looms over the upcoming U.S. midterm elections. He accused the U.S. of using Iran's nuclear program as a pretext to strip Iran of its wealth and re-establish it as a colony.

Mohebbi underscored that the U.S. had no option but to concede defeat and withdraw from the region, asserting, "This is how the war will end."