NEW: Iran’s rial hit a record low, with the dollar exceeding 2.2 million rials (220,000 tomans) on the open market.

Intelligence summary

NEW: Iran’s rial hit a record low, with the dollar exceeding 2.2 million rials (220,000 tomans) on the open market. The rial has lost roughly 60% of its value since March. Iran’s central bank says it has sufficient reserves and could inject up to $2 billion to stabilize the currency, but the collapse is already pushing up food, medicine and import costs.