On Wednesday, Iran's currency plummeted to a historic low as Donald Trump reclaimed the presidency of the United States. The rial traded at 703,000 rials to the dollar, surpassing the previous record. However, it recovered marginally later in the day, reaching 696,150 rials to each US dollar, the AP reported.

This development suggests that Tehran will face new obstacles as it continues to be embroiled in the ongoing conflicts in the Middle East. Some Iranians are concerned that the president-elect would impose sanctions on Iran after moving into the White House in 2025, further devaluing the country's currency.

"One-hundred percent he will intensify the sanctions," Amir Aghain, a 22-year-old student, told the paper. "Things that are not in our favor will be worse. Our economy and social situation will surely get worse. I feel the country is going to blow up."

The rial held a value of $32,000 to $1 at the time of Iran's nuclear agreement with the world powers in 2015. The rate was 584,000 to $1 on July 30, the day that Iran's reformist President Masoud Pezeshkian was sworn in and began his tenure.

In 2018, Trump withdrew the United States from the accord, which sparked a series of ongoing tensions between the two nations. For years, Iran's economy has been afflicted by the crippling international sanctions imposed in response to its swiftly progressing nuclear program, which is currently enriching uranium to nearly weapons-grade levels.

Despite the concerns among some residents, Iranian government spokesperson Fatemeh Mohajerani downplayed the concerns in a press briefing on Wednesday and said: "The election of the US president doesn't have anything specifically to do with us. The major policies of America and the Islamic Republic are fixed, and they won't heavily change people replacing others. We have already made necessary preparations in advance."