Iran’s currency, the Rial (IRR), has reached a record low against the US dollar, trading at over 1 million rials per dollar. This decline is attributed to escalating tensions between Tehran and Washington, along with economic pressures stemming from international sanctions. The situation has become even more precarious as Iran approaches the start of its New Year celebrations. While traders remain cautious about further market fluctuation, the Rial’s dramatic fall poses a significant challenge for the country’s financial stability. 70% of the Iranian population relies on imported goods. 58% of the population is living below the poverty line, and inflation is surging.