Iran's rial currency hits record low as shaky ceasefire with US and Israel holds

Iran's national rial currency has hit a record low of 1.8 million to the dollar. The rial remained stable initially after a war began on February 28, due to limited trading and imports. However, it began to slide two days ago, and experts warn that its fall will further fuel inflation. Many imported goods in Iran, including food, medicine, and electronics, are affected by the dollar rate. A US naval blockade during the ceasefire has increased pressure on Iran's economy by stopping or intercepting oil shipments, a key source of government revenue. The latest slide comes months after a currency shock helped fuel nationwide protests in January. Prices of basic household goods have been rising, with recent increases in milk, yogurt, cooking oil, bread, and rice. The economic pressure has also extended to the labor market, with reported layoffs at textile factories. The rial's fall is likely to add further pressure, particularly on goods tied to imports and raw materials.