Tehran Stock Exchange launches trading in Iranian rial/Russian ruble

ISTANBUL

Iran's Tehran Stock Exchange on Tuesday launched trading in Iranian rial/Russian ruble.

Some 2 million rubles traded in the Iranian stock market on Tuesday – with a ratio of 5,390 rials per ruble, Iran's state-run news agency IRNA reported.

The rial/ruble transactions began in the wake of Russian President Vladimir Putin's official visit to Iran on Tuesday.

Iranian Central Bank Governor Ali Saleh Abadi said the trade with domestic currencies in the foreign exchange market will further strengthen economic relations with Russia.

The move may cut the role of other foreign currencies such as US dollar and euro in the Iranian market, he added.