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Decimal multiplication is an integral part of financial, commercial, and Internet-based computations. A novel design for single digit decimal multiplication that reduces the critical path delay and area for an iterative multiplier is proposed in this research. The partial products are generated using single digit multipliers, and are accumulated based ona novel RPS algorithm. This design uses n single digit multipliers for an n times n multiplication. The latency for the multiplication of two n-digit Binary Coded Decimal (BCD) operands is (n + 1) cycles and a new multiplication can begin every n cycle. The accumulation of final partial products and the first iteration of partial product generation for next set of inputs are done simultaneously. This iterative decimal multiplier offers low latency and high throughput, and can be extended for decimal floating-point multiplication.