Rupee, yen symbols ‘currently activated’ in Iran’s forex market: ICE
The spokesperson for Iran Center for Exchange of Currency & Gold (ICE) announced on Tuesday that, “The trading platform for the Indian rupee and Japanese yen symbols are currently activated within the commercial forex system of ICE,” as reported by IRNA.
“Previously, five currency symbols were active on the trading board of the commercial forex market, with transactions conducted across all of them. Currently, the euro, dollar, dirham, yuan, rouble, yen, and rupee symbols are operational, enabling merchants to buy and sell these currencies,” Asghar Balesini stated.
Balesini emphasized that activating the Indian rupee symbol will “significantly facilitate trade exchanges between the two countries.”
He elaborated, “Customs data for 1403 (last Iranian calendar year, began on March 20, 2024) shows approximately 152 million tons of non-oil exports valued at $57.8 billion, while imports totaled $72.4 billion. India was a major destination for Iran’s non-oil exports last year, accounting for $1.9 billion, with $1.7 billion in goods imported from India.”
Although Iran’s imports from Japan in 1403 stood at around $104 million, he added, the strategic importance of imported goods — primarily medical, healthcare, and industrial products — prompted the activation of this symbol in the commercial forex market.
The spokesperson noted that high-volume currency symbols are actively traded in the commercial forex market, saying, “Total transactions in this market from the start of the [Iranian] year (March 20, 2025) until May 21 reached $4.5 billion. Broken down by currency, trade volumes in the first two months of this year included 5.6 billion dirhams, $2.4 billion, 2 billion yuan, 249 million euros, and 515 million roubles.”
Balesini concluded, “From the launch of the commercial forex market until May 21, total transactions at ICE exceeded $11.5 billion in USD terms. By currency, this breaks down to 15.6 billion dirhams, $5.4 billion, 8.9 billion yuan, 531 million euros, and 1.7 billion roubles.”