Iran's Tehran Stock Exchange on Tuesday launched trading in Iranian rial and Russian ruble, Turkish Anadolu Agency reported citing reports by Iran’s official IRNA news agency.
Some 2 million rubles traded in the Iranian stock market on Tuesday – with a ratio of 5,390 rials per ruble.
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 Salehabadi 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.
Chairman of the Economic Committee of Iran’s Parliament Mohammadreza Pour-Ebrahimi had said earlier this month that the heads of the central banks of Iran and Russia had agreed to replace the dollar with national currencies in mutual settlements and soon in all settlements between the countries.