Iran’s rial currency hits all-time low of 1,074,000 to the US dollar before president’s UN speech

DUBAI, United Arab Emirates (AP) — Iran’s rial currency fell to a new all-time low on Wednesday, reaching 1,074,000 to the U.S. dollar just before Iranian President Masoud Pezeshkian was due to address the United Nations.

The currency’s fall follows Iranian Supreme Leader Ayatollah Ali Khamenei rejecting direct talks with the United States over its nuclear program.

Khamenei’s announcement likely boxes in the diplomacy that Pezeshkian and Iranian Foreign Minister Abbas Araghchi could have done in New York.

It also suggested that last-minute talks between Iran and European nations won’t stop the coming reimposition of U.N. sanctions on Iran over its nuclear program. A 30-day window to stop the sanctions will end Sunday