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

Iran's national currency, the rial, has plunged to new lows due to the naval blockade enforced by the United States. The currency has changed hands for over 1.81 million to the US dollar on the open market, partially recovering from an earlier rate of about 1.54 million. Unchecked inflation, mismanagement, and sanctions have been plaguing the Iranian economy, ravaging households and affecting non-oil trade, which has seen a 16 percent decline in value.