Rial tumbles to record low as ceasefire frees pent-up demand for hard currency
Iran’s currency fell to a record low of 1,810,000 rials per U.S. dollar as demand built up during six weeks of fighting suddenly entered the open market. Economic strains from export suspensions, a Gulf shipping blockade and rising inflation are tightening pressure on foreign-currency supplies, increasing the risk of further price instability and r…