Iran's currency market hit a record low Wednesday, hours after the exchange of fire between the country and the U.S. over control of the Strait of Hormuz.
Traders in the Tehran market exchanged 2.20 million rials for one U.S. dollar, nearly 10% higher than last week's record, on Aug. 25, when one dollar was sold at 2.02 million rials.
The currency had already been under pressure before the U.S. and Israel attacked Iran on Feb. 28, as Iran faced double-digit inflation and negative growth. The rial has repeatedly hit new lows since the war began.
Arab interior ministers condemn Iranian attacks on Arab states
The Council of Arab Interior Ministers described Iran's attacks on Kuwait, Jordan, the United Arab Emirates and Bahrain as a "violation of international law."
The council said Iran's "brutal aggression" is part of Tehran's efforts to destabilize security and stability in the region. The council also said the attacks threaten international peace and security.