Iran's Rial Hits Record Low as Sanctions Loom; Rice Up 60%, Beef Up 150% Since War Began

Iran's rial currency hit a new record low as trading opened Monday, dropping to roughly 2.02 million to the US dollar on the open market — versus an official Central Bank rate near 1.5 million to the dollar — as Washington prepared to announce sweeping new sanctions. Currency trader Sadegh Mahmoudi, quoted at Tehran's Ferdowsi Square exchange hub, said 'there is no hope for a deal and peace.' President Trump wrote on social media that 'IRAN IS COMPLETELY COLLAPSING!!!' Nearly six months into the war, rice prices are up roughly 60% and beef prices up more than 150% since fighting began Feb 28, while the IMF forecasts an Iranian GDP contraction exceeding 5% for the year.