The Iranian rial hit a new record low on Wednesday as the country’s economy enters its most dire straits yet, amid a U.S. blockade of the Strait of Hormuz.

The currency remained stable during the war, but beginning on April 27, demand for foreign banknotes suddenly flooded the open market. The U.S. naval blockade has prevented Iran from acquiring foreign currency through exports, leading the rial to enter a precipitous decline after already faring poorly last year. The Iranian Student News Agency said that the rial fell roughly 15% in two days, with Wednesday’s exchange rate sitting at 1.81 million rials to every one U.S. dollar.