Iran's rial hit a record low of 1.81 million to the dollar on Wednesday, dropping nearly 8% in a single day amid ongoing economic strain. The sharp devaluation reflects both the maritime blockade under the US-Israel military campaign that began in late February and pent-up demand for foreign currency now flowing into open markets as a ceasefire begins to hold. Reuters attributes the immediate spike partly to currency-starved households and businesses converting rials after six weeks of restricted hard currency access during active fighting.