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US dollar falls to record low against Iranian rial since 2013

Business Materials 15 March 2015 19:00 (UTC +04:00)

Baku, Azerbaijan, Mar. 15

By Fatih Karimov - Trend: The US dollar dropped to a record low in the Iranian unofficial market on March 14 and was sold at 32,350 rials, a 1,750- rial fall compared to the preceding week.

Over recent days, the dollar exchange rate and the gold coin price have fallen sharply in Iran. According to Iranian media, the price decline has been unprecedented since September 2013.

This is while that US dollar exchange rate used to rise each year on the verge of the new Iranian calendar year due to a rise in demand for holiday trips.

Analysts believe that a positive atmosphere to reach nuclear deal, an increase in supply of foreign currency to the market, and a fall in demand by major buyers play the key role in this regard.

On one hand, a number of large manufacturing and service companies, such as steel and petrochemical producers, have embarked on selling foreign currency in the market to settle debts at the end of the fiscal year. This issue has led to a growth in supply and has reduced prices.

On the other hand, many of major buyers have postponed their transactions with an eye to a likely nuclear deal between Iran and P5+1 (the US, UK, France, Russia, China and Germany) which will lift banking sanctions against Iran.

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