Tehran, Iran – Iran’s currency has been sharply depreciating again as European powers push to reinstate United Nations sanctions against the country amid stalled diplomacy and fears of war with Israel and the United States.

The US dollar hit a price of more than 1.06 million rials in Tehran’s open currency market on Monday, slightly higher than before Tehran and Washington started mediated negotiations in April.

The Iranian government and central bank have once again said the sharp decline of the embattled national currency is not due to a fall in economic activity, and rather reflects a psychological reaction to deteriorating political conditions.

France, Germany and the United Kingdom, the remaining European parties to Iran’s 2015 nuclear deal with world powers, have triggered the

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