Forex Rates Gain in Tehran Market
EghtesadOnline: Foreign exchange rates gained on the Tehran currency market on Sunday for the first time after a period of stability with the dollar again crossing the resistance level of 140,000 rials. In late afternoon, the greenback traded at 144,000 rials. The euro changed hands for 166,000 rials, up from the previous day's 159,000 rials.
Uptick in currency demand for pilgrims going to Iraq for the Arbaeen rituals to mark the 40th day of Imam Hussein's martyrdom is a norm at this time of the year. Officials, including the newly-appointed Economy Minister Farhad Dejpasand have said the second round of US sanctions due November 4 will not have much of an impact because it has already done the harm it could.
President Hassan Rouhani said in an address to Parliament late Saturday that foeign exchange reserves are in good shape.
Figures from the Central Bank of Iran show that forex revenues from non-oil exports from August 7 to October 24 through Nima–the Integrated Forex Deals System launched by the government – reached €4.4 billion, Financial Tribune reported.
Foreign currency allocated for imports during the 78-day period totaled €3.8 billion.
Almost €115 million, with average euro rate of 99,000 rials, was sold to importers on October 24, while €63 million, at an average rate of 97,000 rials, was allocated for imports a day later.