Iran’s rial fell to a record low in the open market on Sunday, with the price of one US dollar surpassing two million rials for the first time. The rate was also described as exceeding 200,000 tomans per dollar. The report said the rial had lost more than 7 percent against the dollar in less than a week amid war and sanctions involving the United States.

Market concern has increased over the prospect of new US sanctions and the stalled state of diplomatic talks with Washington. Uncertainty has emerged around Iran’s oil exports, foreign-exchange reserves and international financial transactions. The open-market depreciation could raise prices for imported food, medicine, industrial raw materials and machinery.

As inflationary pressure grows, people are turning toward assets such as US dollars and gold, according to the report. The Iranian government is also considering raising fuel prices to address economic pressure. Such a move could further increase living costs and create renewed public dissatisfaction in the country.