U.S. dollar price falling to 28,500 rials in Iran free market

Business Materials 7 October 2012 20:40 (UTC +04:00)

Azerbaijan, Baku, Oct.7 / Trend F.Milad/

U.S. dollar was sold at the price of 28,500 rials in Iran's free market on Sunday.

It is while some brokers offered dollar at the price of 32,000 rials, The Mehr News Agency reported.

U.S. dollar was also presented at the price of 25,650 rials in Iran's foreign exchange center on Sunday. Euro was also traded at 33,432 rials.

The government also maintains an official reference rate of 12,260 rials to the dollar, but only a limited amount of foreign exchange is available at this rate.

On Wednesday, a number of people held a demonstration near the Grand Bazaar of Tehran, using the sharp fall in the value of the Iranian rial as a pretext.

According to reports, businessmen are unhappy about the performance of the administration in regulating the foreign exchange market, saying it has caused instability in prices.