Rial falls to new record low

Iran’s rial slid further Monday to a new record low of more than 1.3 million to the US dollar, deepening the currency’s collapse less than two weeks after it first breached the 1.2-million mark amid sanctions pressure and regional tensions. Currency traders in Tehran quoted the dollar above 1.3 million rials, underscoring the speed of the decline since Dec. 3, when the rial hit what was then a historic low. The rapid depreciation is compounding inflationary pressures, pushing up prices for food and other daily necessities and further straining household budgets, a trend that could be intensified by a gasoline price change introduced in recent days. The fall comes as efforts to revive negotiations between Washington and Tehran over Iran’s nuclear program appear stalled.