US dollar continues to rise in Iran’s free market

Business Materials 28 November 2015 17:36 (UTC +04:00)

Baku, Azerbaijan, Nov. 28

By Fatih Karimov- Trend:

The rising trend of US dollar continues in Iran's free market as the US currency sold at 36,600 rials on Nov. 28, compared to 35,800 rials on Nov. 26.

Meanwhile, euro was sold at 38,670 rials on Nov. 28, the state IRINN TV reported.

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, according to some experts.

It is while other experts believe that the rising trend of US dollar will continue in Iran, forecasting that it will most likely hit 40,000 rials in the free market by March 2016.

The Central Bank of Iran has put the official rate of US dollar, at 30,071 rials on Nov. 28, compared to 30,027 compared to preceding 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 US dollar. It was close to 10,000 in early 2011.

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.