Iran’s currency falls to new low as US blockade, sanctions impact trade

Iran's national currency, the rial, has plummeted to over 1.81 million to the US dollar, down from about 811,000 a year ago. This devaluation is attributed to rampant inflation and US sanctions, worsened by the naval blockade enforced by the United States. In response, the Iranian government has planned to empower its border provinces to import essential goods and allocated $1 billion from its sovereign wealth fund to purchase food.