EghtesadOnline: The rial strengthened sharply on Tuesday, climbing to a near three-month high against the US dollar. With the exchange rate breaking below the psychological level of 110,000, the US dollar was traded in the open market for about 107,000 rials.
EghtesadOnline: The currency market in Tehran stabilized further on Sunday with the USD exchange rate dropping below the support level of 140,000 rials. The greenback was traded for 138,000 rials on the open market to post the fourth straight decline. The Euro changed hands for 160,000 rials -- down from 162,400 at the outset of trade.
EghtesadOnline: Iran's gross domestic product in the first quarter of the current fiscal year (March 21-June 21) stood at 1,676.7 trillion rials ($12.59 billion at Sanarate.ir's Sunday exchange rate of 133,132 rials per dollar).
EghtesadOnline: The Indian tea industry has sought a special exchange rate from Iran for tea exports to the country after November 4 when US sanctions will restrict sales of oil and petrochemical products to the country.
EghtesadOnline: The supply of currency to the Secondary Forex Market will decrease in the coming months, as export gains will fall due to the government’s current approach toward exports and the rising demand for foreign currency will increase the exchange rate, vice minister of Iran Chamber of Commerce, Industries, Mines and Agriculture said.
EghtesadOnline: Systematic risks have caught up with the Iranian stock markets. Concerns regarding base metal prices, based on a stronger dollar and an escalating trade war between the US and China, sunk metal stocks' fortunes in Iran as its main drivers, augmented by the government's refusal to allow the sale of commodities at an exchange rate other than the enforced one.
EghtesadOnline: Minister of Finance and Economic Affairs Ali Tayyebnia announced that the government has planned to reach a single rate of foreign exchange by the end of the Iranian calendar year (started March 20).