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Iran’s currency, stock market bolstered after Pezeshkian’s victory
Reports in the local media and currency monitoring websites published on Saturday showed that the rial had closed at 587,800 against the US dollar in evening trade at the unofficial exchange market in Tehran, whereas it was priced at about 615,000 rials before the run-off.
Iran’s Parliament has recently come up with a plan to reduce the dependence of the economy on the dollar and pivot to national currencies in foreign trade.
Also on Saturday, the Iran Mercantile Exchange announced that within the week ending on July 5, the IME witnessed trade of 2.315 million tons of commodities with a total trading value of nearly $640 million, posting growths of 4% and 25% in volume and value of trades compared to the week before that.
the exchange saw on its metals and minerals trading floor trade of 1.647 million tons of commodities valued at more than $328 million.
Also, the IME sold 1.058 million tons of cement, 260,848 tons of steel, 167,150 tons of sponge iron, 146,000 tons of iron ore, 6,435 tons of copper, 6,395 tons of aluminum, 1,740 tons of zinc, 200 tons of molybdenum concentrate, 15 tons of precious metals concentrate and 40 vehicles. Moreover, the IME witnessed on both domestic and export rings of its oil and petrochemical trading floor 644,859 tons of commodities worth more than $298 million.