Iran's rial has reached a record low against the US dollar, exceeding 1,043,000 rials per dollar. This devaluation is attributed to escalating tensions between Tehran and Washington over Iran's nuclear program and the reimposition of US sanctions.
The Iranian economy has suffered significantly due to international sanctions, particularly since the US withdrew from the 2015 nuclear deal. The recent fall of the rial further exacerbates existing economic challenges.
The situation is marked by ongoing political friction between Iran and the US. While Iran maintains its nuclear activities are for peaceful purposes, the US and other Western countries accuse it of seeking nuclear weapons. Statements from Iranian officials express willingness for equal dialogue with the US, but only through indirect talks.
The 2015 nuclear deal, aimed at regulating Iran's nuclear program, was abandoned by the US in 2018. This led to Iran scaling back its commitments under the agreement and accelerating its nuclear program. Recent warnings indicate that Iran might pursue nuclear weapons in case of an attack.