Iran's rial hits a record low of 2.2 million to the dollar

Traders in Tehran exchanged 2.20 million rials for one US dollar on Sept. 2, a record nearly 10% weaker than the previous low set on Aug. 25, as US-Iran strikes resumed. The currency has lost about half its value in a year of tightening sanctions and war.

Why this matters. The slide came a day after the central bank promised up to $2 billion to calm the market, showing the limits of Tehran's defense against the US economic campaign.