Iran's national currency, the rial, tumbled to a record low against the US dollar, as US President Donald Trump's "maximum pressure" strategy against the Islamic republic's economy continued to take its toll.
As of April 5, a dollar cost more than 1 million rials on exchange markets, as currency shops reopened for the day following closings for the Persian New Year, Nowruz.
AP reported that on Ferdowsi Street in Tehran, the heart of Iran's currency markets, some traders had turned off their shops' electronic signs displaying current rates as anticipation grew that the rial would likely drop further.
SEE ALSO: Military Confrontation 'Almost Inevitable' In Absence Of Iran Deal"We turned it off since we are not sure about the successive changes of the rate," Reza Sharifi, a worker at one exchange, told AP.
Trump has reinstated the "maximum pressure" campaign against Iran's economy that he initiated during his first term as Washington seeks to pressure Tehran to negotiate over its nuclear program.
Tehran claims its nuclear sector is intended solely for civilian purposes, while the United States accuses Iran of attempting to develop nuclear weapons.
SEE ALSO: US House Panel Backs Tougher Iran Measures, But Divisions Persist"The maximum pressure campaign devastated Iran's economy and denied it critical resources. A nuclear Iran is not an option," US lawmaker Mike Lawler (Republican-New York) said on April 1.
Democratic lawmakers have also acknowledged the threat posed by Iran but stressed the importance of diplomacy.Trump in 2018 withdrew the United States from the 2015 Iran nuclear deal signed with world powers and reinstated sanctions that had been lifted in return for restrictions on Tehran's nuclear program.
When the deal went into effect, the rial traded at 32,000 to the dollar.
Trump has threatened to bomb Iran if it fails to reach a deal with Washington. Tehran has dismissed the threat, describing it as an "affront" to peace and security.
SEE ALSO: Iran Rings In Nowruz Amid Calls To Go NuclearIran in late March delivered a formal response to a letter sent by Trump letter proposing direct talks to reach a new nuclear deal.
Iran has dismissed direct negotiations as long as the "maximum pressure" campaign is in effect, but conflicting remarks out of Tehran have led some experts to speculate that such talks could resume.
Public outrage is mounting in Iran as the country's struggling economy worsens under the crippling US sanctions, placing pressure on reformist President Masud Pezeshkian, who was elected in 2024, an outcome that raised hopes of better relations with the West.
"This [the economic downturn] will make the prospects of change in the [Iran] impossible in the eyes of the people…. An angry and hungry society can take to the streets at any moment," Saeed Peyvandi, a professor of sociology at Paris 13 University, told RFE/RL's Radio Farda in February.
A pensioner who gave only his first name, Saeed, because of fears of reprisal, told AP that if Iran ceased its hostile policy toward the outside world, financial relief could be possible.
"If we want to live a comfortable life, we should maintain good ties with our neighbors. We shouldn't bare our teeth at them. They will do the same," he said.