Iran's Rial Crashes, Inflation Soars

0:00It's April 29. You're listening to Global News Today, AI-powered coverage from around the world. I'm Cory with the story. Iran's rile just crashed to a record low of $1.8 million to the dollar on Wednesday, even as a fragile ceasefire with the U.S. and Israel. Somehow, holds steady. The currency stayed pretty flat for weeks during the war that kicked off February 28, mainly because trading in imports grounds will halt inside the country. So two days ago, it started tumbling hard, and now experts say this drop is going to crank up inflation big time since so many essentials like food. Meds and raw materials tie straight to the dollar rate. Households and businesses are feeling the squeeze from decades of sanctions, sky high inflation, and that huge gap between official and street. Exchange rates, with the recent war piling on even more pain. Meanwhile, the U.S. blockade keeps choking off oil exports, starving the government of hard cash, so Iran's battered economy faces tougher days ahead.

1:03No matter how long this truce lasts.