Currency crisis in Iran hits India's basmati rice exports

Traders caution exporters to stay away till currency uncertainty recedes for bilateral trade

Uncertainty over use of currency for bilateral trade has impacted India’s basmati rice exports to Iran following hesitation over the use of the dollar after fresh sanctions levied by the United States on the Islamic country.

US president Donald Trump levied sanctions on 13 Iranian individuals and 12 entities for their support to that country's administration in connection with the test of a non-nuclear ballistic missile last month. According to trade sources, the Iranian government is reluctant to use the dollar for bilateral trade with friendly countries, including India. Since India has already cleared its oil dues in dollars,