Iran's currency, the rial, has plummeted to an unprecedented low, trading at 703,000 to the dollar, as former President Donald Trump appears poised to secure another term in the White House. This development spells new economic challenges for Tehran, which is already grappling with escalating regional conflicts and harsh international sanctions.

A Turbulent Currency Landscape Amid Political Shifts

### The Rial's Downward SpiralThe rial's slide to an all-time low is a stark contrast to its relative strength during the 2015 nuclear deal, when it traded at a more stable 32,000 to $1. Following years of U.S. sanctions and economic setbacks, the currency's decline underscores Iran's ongoing financial struggles, which have worsened since Trump's 2018 exit from the nuclear accord.### Pezeshkian's Inheritance and EffortsPresident Masoud Pezeshkian, who took office after the untimely death of his predecessor, hard-liner Ebrahim Raisi, has prioritized easing Western sanctions as a key policy goal. Sworn in on July 30, Pezeshkian inherited an economy under siege, with the rial at 584,000 to $1. His administration's attempts to stabilize the economy have faced significant obstacles, largely due to sanctions related to Iran's nuclear program, which continues to enrich uranium near weapons-grade levels.### Iran's Stance on the U.S. ElectionThe Iranian government has downplayed the implications of the U.S. presidential election for its policy, with government spokeswoman Fatemeh Mohajerani asserting that "the election of the U.S. president doesn't have anything specifically to do with us" and that Iran's primary policies remain consistent regardless of the American administration in power. However, the rial's rapid depreciation indicates an underlying unease within Iran's economy, with many citizens feeling the impact of political shifts in Washington.### Enduring Tensions with the United StatesU.S.-Iran relations remain deeply strained decades after the 1979 embassy takeover in Tehran and the subsequent 444-day hostage crisis. Trump's 2018 exit from the nuclear agreement amplified hostilities, and the economic isolation imposed on Iran has intensified. Despite Pezeshkian's efforts, progress on lifting sanctions has been limited, while rising inflation and currency devaluation continue to affect everyday Iranians.### Iran's Role in Regional ConflictsAmid economic turmoil, Iran remains entrenched in the Middle East's volatile conflicts, lending support to groups within its "Axis of Resistance," including Hamas in Palestine, Hezbollah in Lebanon, and Houthi rebels in Yemen. As Israel's conflict with Hamas intensifies in Gaza, Iran's regional allies face growing pressure. Tensions escalated after Israeli strikes on Iranian targets on Oct. 26, in retaliation for Iranian missile launches, further raising the stakes.With Trump likely to assume the U.S. presidency, Iran faces renewed challenges on both economic and geopolitical fronts, testing Pezeshkian's leadership amid uncertain times.