No. 36



Value Of Iranian Rial Slides On Tehran Free Market

The value of the Iranian rial in the past month has declined by almost 9% against theUS dollar in the free foreign exchange market as a result of high demand. According totraders the decline in the free market rate from around $1=IR5,600 to $1=IR6,100 isattributed to high forex demand by Iranians taking overseas holidays and by traders inneed of hard currency during last month's carpet exhibition in Tehran...