Iran’s rial drops to record low as U.S. readies more sanctions

Iran’s currency hit a record low on Monday as Washington prepared to announce new sanctions it said would put more pressure on an economy already battered by previous sanctions and a U.S. naval blockade. The rial dropped to 2.02 million to the U.S. dollar as trading opened on currency markets. Iran’s official Central Bank rate stood at around 1.5 million rial to the dollar, but the market rate is what most Iranians pay. The currency had already been under pressure before the U.S. and Israe...