Iranian rial hits all-time low amid US sanctions and Hormuz blockade

The Iranian rial is trading at approximately 1.98 million to the dollar this morning, an all-time low and approaching the two million threshold. The currency had traded relatively steadily at 1.8-1.85 million rials to the dollar in recent weeks before the sharp decline. The weakening comes amid an effective US blockade in the Strait of Hormuz and statements by senior American officials about crippling sanctions against Iran.