The amount of foreign currency sold by Iranian exporters through Forex Management Integrated System, locally known as NIMA, hit $18.1 billion in the first eight months of the current Iranian calendar year, which started March 21, the Central Bank of Iran (CBI) reported on Wednesday.
Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.
The US dollar has hit a new low against the Iranian currency rial mainly on unconfirmed reports suggesting that Iran and major powers would reach a deal in the Austrian capital to revive an international deal on the country’s nuclear program.
The exchange rate of the dollar dropped by 10,100 rials to hit 219,700 rials on Sunday compared to the price for Saturday, which was 229,800 rials, which marks 4.6 percent of drop, according to figures by eghtesadnews.com.
The dollar fell to a four-week low against a basket of currencies on Friday evening, still smarting from a sharp drop in US Treasury yields the previous session, and as investors increasingly bought into the Federal Reserve's insistence it would keep an accommodative policy stance for a while longer.
A senior Russian diplomat said more countries around the world are joining an initiative to use local currencies for settlement of trade payments as the US dollar becomes increasingly unreliable because of Washington’s sanction policies.