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Iranian Rial Hits Record Low Amid Fresh US Sanctions and UAE Trade Halt

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Iran's rial has fallen to an all-time low as the United States moves to impose additional economic sanctions on the country. Existing restrictions and a naval blockade have already taken a heavy toll on Iran's economy, yet the currency's collapse has not prompted any concessions from Washington. The United Arab Emirates has suspended all trade with Iran following consultations with the US government. Meanwhile, Iran and Oman are said to be close to reaching a deal over the management of the Strait of Hormuz.

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