In Tehran’s street market on Saturday, one American dollar was trading for 28,800 Iranian rials, a record six percent drop from the previous day.
The currency slump supports claims by the United States and the European Union that sanctions imposed on Iran’s central bank are working.
Meanwhile, Israel’s Benjamin Netanyahu used a speech at the United Nations this week to claim that Iran could be 90 percent of the way towards developing weapons-grade uranium within a year.
Israel has been pushing Washington to issue an ultimatum to Tehran regarding its nuclear development programme, but US President Barack Obama insists that sanctions and diplomacy should be given more time.