Iran's rial hits record low of 2.3 million against US dollar amid sanctions

Iran's rial hit a record low of 2.3 million rials against the US dollar, according to pashizi.com, a website tracking Iran's free foreign exchange market. The currency's depreciation comes amid sanctions by US as part of 'Operation Economic Outcast'. This also led to Iran's annual inflation rate reaching 61.4%, while data showed food prices rising 128.1% year-on-year, Al Jazeera reported.