0949 GMT May 06, 2021
The same happened to the euro’s rate, which fell by 4,240 rials on Tuesday, to be sold at 280,510 rials in the foreign currency market, the report added.
On Tuesday, official currency exchanges purchased each US dollar and euro at 231,380 rials and 282,280 rials, respectively.
The rate of the rial began its declining trend in May 2018, when the US withdrew from the nuclear deal signed between Iran and the P5+1 in July 2015, and the reimposition of Washington’s unilateral sanctions on Tehran.
Mainly targeting Iran’s foreign trade, including oil exports, and the banking sector, the sanctions have been imposed in a bid to cripple the Iranian economy, a pipe dream pursued by the US and its allies, including Israel, which never came true.
According to IRNA, due to foreign policy developments and increasing hope for the success of the Vienna talks, the release of Iranian blocked currencies in other countries and the reduction of speculation in the foreign exchange market, the exchange rates of various currencies have been declining in recent weeks.
TSE index up
After several days of decline, TEDPIX, the main index of Tehran Stock Exchange (TSE), rose 2,824 points to 1,219,665 on Tuesday, according to tsetmc.ir.
Over 5.614 billion securities worth 45.043 trillion rials (over $1 billion) were traded at the TSE on Tuesday.
The first market’s index gained 3,042 points, and the second market’s index rose 2,341 points.
Unprecedented fluctuations in the Iranian stock market over the past few months have led shareholders and experts to call for the government to increase its support for the market, some shareholders want the government to guarantee the return of their stocks, some believe providing infrastructure is the best way to help this market.
Some, on the other hand, believe that the government should not interfere in the stock market, saying the government’s pre-ordered and unrealistic pricing of some state-owned shares is the main reason for the capital market’s current downward trend.