Iran's Rial Plunges to Record Low Amid Protests

Iran's currency plunged to a record low of 1.6 million rials to the U.S. dollar on Wednesday, exacerbating economic turmoil one month after nationwide protests erupted over the nation's deepening financial crisis. The development comes amid heightened regional tensions, as Iranian officials engaged in urgent diplomacy with Arab neighbors to avert a potential U.S. military strike following a deadly government crackdown on the demonstrations.

The protests began on December 28 in Tehran, triggered by the rial's sharp depreciation, hyperinflation, and the government's decision to cut certain food and fuel subsidies. What started as shopkeepers closing stores in Tehran's Grand Bazaar quickly escalated into widespread unrest demanding political change. Security forces responded with force, imposing the most extensive internet blackout in the country's history, now lasting more than two weeks. This has severely limited information flow, leaving many Iranians reliant on state media, which describes protesters as terrorists.

Activists with the U.S.-based Human Rights Activists News Agency, drawing on a network of on-the-ground sources and reports via Starlink satellite dishes, reported...