Iranian Rial Hits Record Low of 2.4 Million per Dollar

The rial's slide is less about the headline rate than about the absence of any negotiating off-ramp: both sides have publicly ruled out concessions, which removes the main lever that could stabilize the currency. The depreciation since the weekend rejection suggests the market is pricing a prolonged standoff rather than a near-term settlement. What matters next is whether the exchange rate keeps moving on political signals alone, or whether the Strait of Hormuz itself becomes the transmission channel for a sharper repricing.