Iran’s national currency, the rial, has fallen to a historic low against the US dollar as economic pressure on Tehran intensifies.

The rial dropped 4.6% on August 23, based on exchange-rate data tracked by Bonbast, a website monitoring black-market currency rates, according to Bloomberg.

Another unofficial tracker, TGJU, reported that the rial briefly weakened beyond 2 million per US dollar on August 30 before recovering somewhat by the end of trading.

The currency has lost around 63% of its value against the dollar since the beginning of Iran’s calendar year in March. At that time, the US currency was trading at roughly 1.35 million rials.

The rial’s decline has accelerated amid conflict and mounting economic pressure on Iran. Restrictions on Tehran’s access to regional banking networks and trade channels, along with difficulties affecting exports, have further reduced the flow of foreign currency into the country.

Iranian Central Bank Governor Abdolnaser Hemmati said the regulator is prepared to inject $2 billion into the foreign exchange market to help stabilize the rial.

“The dust raised in the foreign exchange market will settle, and the recent increase in exchange rates is driven more by psychological factors than real economic conditions,” Hemmati said.

At the same time, he acknowledged that high inflation and rising prices are putting significant pressure on Iranian households.

Hemmati said that the Central Bank has provided more than $18 billion in foreign currency since March to finance imports of essential goods, medicines, animal feed and raw materials.