Iran’s currency fell to a new record low on Tuesday, with Tehran traders exchanging more than 2.5 million rials for a single US dollar, the Associated Press reported. The fall came just 27 days after the rial hit its previous record low of 2.2 million to the dollar on September 2. The currency has repeatedly set new lows since the war began in February. A US naval blockade on Iranian oil and new sanctions imposed since the war began have pushed the economy into freefall, AP said. Meanwhile, Iran’s Foreign Minister Abbas Araghchi said indirect talks with the United States over reopening the Strait of Hormuz had become “more serious”. Qatar and Pakistan are mediating the discussions. The talks centre on an Iranian proposal that would allow the strait to reopen within seven days if Tehran’s conditions, including the release of frozen assets, are met. Context: The Strait of Hormuz is the narrow waterway through which about a fifth of the world’s oil passes.