The US dollar exchange rate in Iran’s free market surpassed 960,000 rials. By the close of trading on Monday, August 25, the main stock index dropped by 33,000 points, and 6.56 trillion rials (about 68 million USD) flowed out of the stock market.
On Monday, August 25, the foreign exchange market experienced about a 1% increase in the dollar rate compared to the previous day.
On July 31, coinciding with the implementation of new US sanctions and growing speculation that Europe might trigger the snapback mechanism, the dollar rate in Iran’s free market rose again after several weeks, reaching 906,500 rials.
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The stock exchange also saw its fourth consecutive day of decline, with the main index falling by 1.33%.
The stock index dropped by about 33,000 points, returning to 2,438,000 units.
Economic media in Iran reported that this was the lowest level of the stock index so far this year.
According to these reports, 6.57 trillion rials (about 68 million USD) in retail money was withdrawn from trading in stocks, preemptive rights, and equity funds.
The value of retail trades reached 30.83 trillion rials (about 321 million USD).
On Monday, August 25, 88% of stock market symbols closed in negative territory, while only 12% remained in positive territory.
With the Tehran Stock Exchange’s retreat that day, the market’s return since the beginning of the year reached -10%. Over the past three months, the value of Iran’s stock market has dropped by about 35%.
Some economic experts believe that the stock market collapse, alongside the rising value of the dollar and gold, is not only due to sanctions but also stems from “public concerns about the country’s political outlook and reduced currency supply in the market.”
