Iranian rial hits record low against US dollar

Iran's national currency fell to its lowest level in history against the US dollar as the country faces severe inflation and heavy economic sanctions.

The free market selling rate of the US dollar in Iran hit a record high and reached the 2.4 million rials, according to pashizi.com, a website tracking the country's free foreign exchange market.

This sharp depreciation in the national currency occurred as Iran struggled with heavy US sanctions and an annual inflation rate that hit 61.4%.

Official data showed that the country registered a 128.1% year-on-year increase in food prices.