USD rate ups by 14.29 percent in Iran

Business Materials 12 May 2011 13:21 (UTC +04:00)

Aَzerbaijan, Baku, 12 May/Trend/

USD exchange rate was 12, 000 rials In Iran's exchange market, demonstrating a 14.29 percent rise.

Meanwhile, the buy rate for USD was 11,900 rials

Euro exchange rate was 14,700 rials and pound rate was 17.300 rials.

The Iran Central Bank (ICB) said it takes exchange market under control, offering lower prices for foreign currency, Fars News Agency reported.

The sudden increase was fixed yesterday at the independent market, when 1 US dollar was exchanged at 11.650 rials.

Increase in US dollar rate in Iran is explained by drop in supply in foreign currency markets.

Reasons causing strike in Iran currency market are still unclear, while the banks are said to decrease the volume of dollar supply by four times recently. "We used to buy $200,000 before, whilst now we can purchase only $50,000,'' the exchangers said.

The ICB exchange rate for dollar is 10,480 rials.