US dollar on verge of 36,000 rials in Iran
Baku, Azerbaijan, Nov. 15
By Umid Niayesh- Trend:
The US dollar continued its upward trend in the Iranian free market to hit 35,900 rials Nov. 15.
The upward trend is related to increased demand for the US dollar and euro in recent days, ahead of Arbaeen mourning rituals in which Millions of Shiite Muslim pilgrims is expected to flow to the Iraqi shrine city of Karbala, Abdolamir Beit-Lafteh, secretary of Iranian exchange association said, the official IRIB news agency reported.
This is while the governmental dollar rate stood at 29,963, no change compared to the preceding day.
The euro was also sold for 38,700 rials in the free market.
The Central Bank of Iran has also put the official rates of the euro, and British pound at 32,256 rials, and 45,677 rials on Nov. 15.
The July 14 agreement on Iran's nuclear program had lowered the prices to some extent. On the very day the deal was struck, the US dollar went as low as 31,800 rials, only to jump to 32,450 the next day.
Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, standing at 35,500 versus the dollar. It was close to 10,000 in early 2011.
Follow the author on Twitter: @UmidNiayesh