From Iran’s rial falls to all-time low of 1,074,000 to US dollar after Khamenei rejects talks
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This picture shows new Iranian bank notes of one million, 500,000, and 100,000 rials on August 3, 2025. (ATTA KENARE / AFP)
DUBAI, United Arab Emirates — Iran’s rial currency falls to a new all-time low, reaching 1,074,000 to the US dollar just before Iranian President Masoud Pezeshkian is due to address the United Nations.
The currency’s fall follows Iranian Supreme Leader Ayatollah Ali Khamenei’s rejection of direct talks with the United States over its nuclear program.
Khamenei’s announcement likely boxes in the diplomacy that Pezeshkian and Iranian Foreign Minister Abbas Araghchi could have done in New York.
It also suggests that last-minute talks between Iran and European nations won’t stop the coming reimposition of UN sanctions on Iran over its nuclear program. A 30-day window to stop the sanctions will end Sunday.
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