Iran currency plunges to record low as US dollar breaks 2 million rials on open market

Iran’s free-market exchange rate is closely watched because official currency markets are heavily managed by the government and do not necessarily reflect the price businesses and households pay to obtain dollars.

The record low, also reported by Reuters, came after a 60-day window established under a June 17 memorandum between the United States and Iran expired without a broader agreement on Tehran’s nuclear program and sanctions relief.

The memorandum had envisioned a final accord that could have…