India, Aug. 24 -- Iran's currency has crossed a historic threshold as the rial falls beyond 2 million to the US dollar on unofficial markets, exposing the growing financial strain facing Tehran as Washington prepares another major sanctions push. The sharp decline comes after months of war, inflation, trade disruption and pressure on Iran's oil revenues.

The rial has lost nearly 7% of its value in just one week, falling from around 1,865 million per dollar. Compared with the same period last year, the currency has lost more than half its value. The fresh decline comes just before US Treasury Secretary Scott Bessent is expected to announce what he has described as the "toughest sanctions in history" againt Tehran.

Iran Currency Crisis: I...