{"id":4981,"date":"2018-04-10T07:38:48","date_gmt":"2018-04-10T07:38:48","guid":{"rendered":"http:\/\/en.azpar.com\/?p=4981"},"modified":"2018-04-11T09:36:13","modified_gmt":"2018-04-11T09:36:13","slug":"usd-irr-finally-unified","status":"publish","type":"post","link":"https:\/\/en.azpar.com\/?p=4981","title":{"rendered":"USD\/IRR; finally unified?!"},"content":{"rendered":"

Market News<\/strong><\/h2>\n

\u2013 In a bold and rather sudden announcement, Eshaq Jahangiri, the vice president of Rouhani administration, spoke of a\u00a0unified USD\/IRR\u00a0rate of 42,000 from today on for all economy participants. Following a late night meeting, it seems that the Iranian government finally unified the\u00a0FX\u00a0and are to consider trades with other rates as illegal (smuggling). Eying the nation\u2019s currency reserve, the vice president insured people that there shall be no difficulties in meeting the FX needs of society. In addition, today,\u00a0the chair of CBI\u00a0explained on a parliament session that the decided USD\/IRR rate is not fixed and can be altered in reaction to the market supply-demand trends.<\/span><\/p>\n

\u2013 According to the stats released by\u00a0RasamFunds, a financial data processing platform, Agah Group\u2019s ETF (Hasty Bakhsh Agah) placed first in terms of weekly return amid all\u00a0mutual funds\u00a0in\u00a0Iran Capital Market. The fund delivered a 2.6% weekly return and has cUSD 2.1 mn asset under management. The below table demonstrate the top 5 high performing funds during the last week.<\/p>\n

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In the Market<\/strong><\/h2>\n

Stocks rallied negatively through the entire today\u2019s session, reclaiming the bulk of yesterday\u2019s hike, but nearly gave back all of their gains in the afternoon. The TEDPIX finished with a loss of -0.38%, while the IFEX declined -2.5%.<\/p>\n

The news on USD\/IRR rate unification drove waves of pressure towards the Metals, Chemicals, and Iron Ore sectors.<\/p>\n

In the\u00a0Chemicals<\/strong>\u00a0group, as the sector which will hit the most, Zagros Petrochemical faced a sell queue from go, followed by Shazand Petrochemical. Other names like Jam Petrochemical, Pardis Petrochemical and Khorasan Petrochemical hit their bottom as well. Kharq Petrochemical ticker was halted for an overhaul.<\/p>\n

The\u00a0Iron Ore<\/strong>\u00a0space also saw a better sentiment the more we approached the middle of the session. Chadormalu Mining & Industrial went up by 4% in its final trade.<\/p>\n

In the red\u00a0Metals<\/strong>\u00a0space, Esfahan Steel ticker was halted; the company announced that more than IRR 622 bn of its debts to the Privatization Organization (for purchasing Alborz-e Sharqi Coal Company and settling this company\u2019s tax) was cleared with the Social Security Organization claims from the government.<\/p>\n

On the other hand, the USD\/IRR unification pushed nearly the whole\u00a0Automotive<\/strong>\u00a0space into the green. Saipa Diesel, Zamyad, Iran Khodro Diesel faced buy queues.<\/p>\n

The\u00a0Oil Products<\/strong>\u00a0space was also positively affected by this news. Except from Sepahan Oil, hitting its low, other tickers went up, led by Esfahan Oil Refining and Tehran Oil Refining.<\/p>\n

According to a letter released from the Ministry of Mines, Trade & Industry, cement companies are now to enjoy a 30% discount on maritime \u201cbulk export\u201d costs. While the\u00a0Cement<\/strong>\u00a0sector settled with rather balanced trades, Doroud Cement and Sharq Cement managed to close 2% higher.<\/p>\n

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Source:<\/p>\n

2018, USD\/IRR; finally unified?!, Tuesday, April 10, p.1,<https:\/\/agahgroup.com<\/a><\/em>><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Market News \u2013 In a bold and rather sudden announcement, Eshaq Jahangiri, the vice president of Rouhani administration, spoke of a\u00a0unified USD\/IRR\u00a0rate of 42,000 from today on for all economy participants. Following a late night meeting, it seems that the Iranian government finally unified the\u00a0FX\u00a0and are to consider trades with other rates as illegal (smuggling). […]<\/p>\n","protected":false},"author":1,"featured_media":4985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,28,31,1],"tags":[],"class_list":["post-4981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-news","category-news-events","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/4981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4981"}],"version-history":[{"count":3,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/4981\/revisions"}],"predecessor-version":[{"id":4986,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/posts\/4981\/revisions\/4986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=\/wp\/v2\/media\/4985"}],"wp:attachment":[{"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.azpar.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}