Iran's Rial Plummets Amid Diplomatic Tensions

The Iranian currency, the rial, reached a historic low against the US dollar, trading at 1,074,000, as President Masoud Pezeshkian prepared to address the United Nations. The currency's decline comes in the wake of a significant announcement by Iranian Supreme Leader Ayatollah Ali Khamenei, who has rejected the possibility of direct talks with the United States regarding the nation's controversial nuclear program.

Khamenei's firm stance appears to stymie potential diplomatic efforts that could have been undertaken by President Pezeshkian and Iranian Foreign Minister Abbas Araghchi during their visit to New York. The decision effectively narrows the scope of any negotiations between Iran and other countries, even at this pivotal diplomatic juncture.

As hopes dim for last-minute dialogue between Iran and European nations, the anticipated reimposition of UN sanctions looms large, based on unresolved nuclear issues. A crucial 30-day timeframe to avert these sanctions concludes on Sunday, raising the stakes for Iran's international relations.

(With inputs from agencies.)