Daijiworld Media Network - Tehran

Tehran, Aug 25: Iran's rial plunged to a record low on the open market, hours before the United States announced a fresh wave of sanctions aimed at further isolating Tehran.

The rial fell to 2.02 million against the US dollar when trading opened on Monday, local time. The official exchange rate set by Iran's Central Bank stood at around 1.5 million rials per dollar.

The currency had already been under pressure before the joint US-Israeli attacks on February 28 and has continued to hit new lows as nearly six months of conflict have placed further strain on Iran's economy.

US Treasury Secretary Scott Bessent on Monday warned of an "economic D-Day" for Iran as he announced what he described as "an economic onslaught against Iran's financial connections around the globe."

The new US sanctions target five key sectors — digital assets, technology, gold, aviation and shipping, according to the US Treasury Department.

Iranian President Masoud Pezeshkian said the United States must change its tone and approach towards Iran.

"The US reliance on coercion and bullying will only complicate executive processes," Pezeshkian said in Tehran on Monday, local time.

Pezeshkian stressed the need for Washington to remain committed to its obligations towards Iran "based on the (country's) legitimate rights and international regulations."

He expressed hope that the objectives outlined in the US-Iran peace memorandum of understanding (MoU) would be achieved "with the continuation of the will and joint cooperation."

Meanwhile, Iranian Foreign Ministry spokesman Esmaeil Baghaei said Iran would not allow the war to end on conditions imposed by what he called the "aggressive" parties.

"We have definitely not been the party to start the war, but we will not let the war's end be based on the aggressive parties' conditions," Baghaei told a weekly press conference in Tehran.

Baghaei said Iran remained determined to defend its territory and would not "compromise with the aggressive parties" or surrender to their "excessive demands."

He also dismissed US claims that the Strait of Hormuz remained open and that millions of barrels of oil were passing through it every day, describing the assertions as part of "psychological and media warfare."