Iran's currency hits new record low as Middle East war erodes Tehran's economic stability | World News

Iran’s currency fell to a new record low on Tuesday, with traders in Tehran exchanging more than 2.5 million rials to the U.S. dollar in a stark reflection of how the war in the Middle East has steadily eroded the Iranian economy.The latest decline came just 27 days after the rial hit its previous record of 2.2 million to the dollar on Sept. 2. The currency has repeatedly reached new lows since the war began in February.Also Read | Why is oil price rising? Brent jumps 2.5% after Trump rejects Iran peace proposalMeanwhile, Iran’s top diplomat said indirect negotiations with the United States aimed at reopening the critical Strait of Hormuz have become “more serious,” while the Iranian Revolutionary Guard Corps’ chief spokesman spokesman Gen. Hossein Mohebbi on Tuesday called on Americans to take to the streets and protest the conflict. Foreign Minister Abbas Araghchi told Iranian media late on Monday that the “current focus is solely on the Strait of Hormuz.” Araghchi made the comments shortly before departing New York — where he attended last week’s gathering of world leaders at the U.N. General Assembly — and after meeting with Pakistani and Qatari mediators.Araghchi said that the Qatari intermediaries were expected to soon engage with the U.S. side.Also Read | Iran threatens to hit regional infrastructure if country's security is compromised, responds to Trump's remarks“They are set to raise the matter with the American side once more, after which the final US response will be conveyed to us”, Araghchi said. “If there is a response, the Qataris will convey it to us and a decision will be made in Tehran on that basis.”U.S. and regional officials have confirmed to The Associated Press that mediators are working with Iran and the U.S. on trying to broker a deal to end the fighting and open the strait.The mediation efforts continue even after U.S. President Donald Trump earlier this week spurned an Iranian proposal to reopen the strait in seven days if the U.S. agreed to lift its blockade of Iranian ports, release frozen Iranian assets and waive sanctions on Iranian oil sales, among other conditions.Meanwhile, the Iranian Revolutionary Guard Corps on Tuesday made an appeal to everyday Americans to push their government to end the U.S. war against Iran, a provocative appeal that comes just weeks before critical midterm elections in the United States.Also Read | 'Offered them NOTHING': Trump dismisses 'hoax' report on sanctions relief for IranMohebbi, the IRGC spokesman, during a news conference in Iran read a letter appealing to Americans to pressure their government and claimed that the only way for the war to end is for Washington to admit defeat and leave the Mideast.Mohebbi’s remarks Tuesday come as Trump’s Republican party is faces fierce headwinds as it looks to maintain control of Congress. But polling shows the war has darkened the American electorate’s mood ahead of the Nov. 3 election in which elevated gasoline prices, a byproduct of the conflict, loom large.Mohebbi also accused the U.S. of using Iran’s nuclear program as a ruse to “plunder Iran’s wealth” and to turn the country “back into a colony.”He added that the U.S. and others failed in their belief that military and economic action would get Tehran to submit and that Washington “has no choice but to acknowledge defeat and leave the region.”“This is how the war will end,” he said.Trump and his top aides are insistent that Iran’s economy cannot sustain a conflict much longer and expressed confidence that Tehran will be forced to capitulate.The US president predicted soon after launching the war that the conflict would last a matter of weeks. More recently, he’s said that the war will likely end after the November elections in the US.