Iran's currency, the rial, has traded at a record low against the U.S. dollar over the weekend, as tensions continue between the two nations.
The plummet saw rials trading at a million against the U.S. dollar despite people returning to work on Saturday, after the festivities for Nowruz, or Persian New Year.
In the capital Tehran, some traders were reported to be turning off electronic signs on the streets that showed the current rate, with fears over how much lower it may go.
“We turn it off since we are not sure about the successive changes of the rate,” said Reza Sharifi, who works at one exchange.
Iran’s economy has been severely affected by international sanctions, particularly after U.S. President Donald Trump unilaterally withdrew America from Tehran’s nuclear deal with world powers in 2018. At the time of the 2015 deal, which saw Iran drastically limit its enrichment and stockpiling of uranium in exchange for the lifting of international sanctions, the rial traded at 32,000 to the dollar.
After Trump returned to the White House for his second term in January, he restarted his so-called “maximum pressure” campaign targeting Tehran with sanctions. He again went after firms trading in Iranian crude oil, including those selling it at discounts in China.
Trump has meanwhile written to Iran’s Supreme Leader Ayatollah Ali Khamenei, trying to jumpstart direct talks between Tehran and Washington. Despite Iran's willingness for indirect talks, such discussions under the Biden administration failed.