‘Iran’s rupee depreciated, traders stopped exports’

Indian traders have almost completely stopped signing new export contracts with Iranian buyers, such as rice, sugar and tea, due to Tehran’s caution with reserves with the depreciating rupee of the rupee.

“Exporters are avoiding dealing with Iran because payments are delayed for months,” said a dealer of a global trading house.

The dealer said that the Iranian rupee in India’s UCO and IDBI Bank, which are authorized to facilitate the two-rupee trade, have come down drastically and exporters are not sure they have been paid on time for the new shipment. Will go.

Under US sanctions, Tehran is unable to use US dollars to transact oil sales.

Iran had earlier made a deal to sell oil to India in exchange for rupees, which imported important commodities including agricultural commodities, but New Delhi stopped buying Tehran oil in May 2019, when the time of US sanctions The limit was reached.

Tehran continued to use its own rupees to buy goods from India, but after not selling raw materials for 22 months, Iran’s rupee reserves have plummeted, saying Iran’s reserves have depreciated significantly And “it will be over soon as the business has closed,” IDBI Bank said official.