Iran’s currency fell a whopping 16 percent on Monday to a record low of 34,500 rials to the dollar, plummeting from 29,500 rials on Sunday.

Analysts say the currency’s dive signals the deepening impact of Western sanctions on the country initiated because of Iran’s continuing nuclear program.

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Malkah Fleisher is a graduate of Cardozo Law School in New York City. She is an editor/staff writer at JewishPress.com and co-hosts a weekly Israeli FM radio show. Malkah lives with her husband and two children on the Mount of Olives in Jerusalem.

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