Iran's rial fell to a fresh record low on Tuesday, with the free-market exchange rate moving past 2.5 million rials per U.S. dollar. Pashizi quoted the dollar at 2.542 million rials, up 3.84% from the previous day, after an intraday high of 2.548 million. The latest decline came 27 days after the rial reached its previous record low of 2.2 million per dollar on Sept. 2, following Monday's rate of 2.4 million. Years of international sanctions, high inflation, the war that began in February, new sanctions and a U.S. naval blockade targeting Iranian oil have intensified pressure on the economy. The currency's slide came as Foreign Minister Abbas Araghchi said indirect negotiations with the United States over reopening the Strait of Hormuz had become more serious, with Qatari mediators expected to seek Washington's response. The efforts continued after President Donald Trump rejected an Iranian proposal to reopen the strait within seven days in exchange for lifting the blockade, releasing frozen Iranian assets and waiving sanctions on oil sales. Separately, an unidentified cargo vessel was struck by an unknown projectile in the strait, while the Trump administration sanctioned 10 individuals and entities accused of supporting Iran's military supply chain. Saudi Arabia's East-West Pipeline also resumed operations after a drone attack, with exports from Yanbu and Al Muajjiz loading terminals supported by the route.