Iran's rial hits a record low, battered by regional tensions and an energy crisis

The Iranian rial has fallen to its lowest level in history, losing more than 10% of its value since Donald Trump won the U.S. presidential election in November. The drop signals new challenges for Tehran as it remains locked in the wars raging in the Middle East. The rial on Wednesday traded at 777,000 rials to the dollar, down from 703,000 rials on the day Trump won. Central Bank Gov. Mohammad Reza Farzin said the foreign currency supply would increase and the exchange rate would be stabilized. The currency plunged as Iran ordered the closure of schools, universities, and government offices on Wednesday due to a worsening energy crisis exacerbated by harsh winter conditions.