Iran's economy stumbles despite ceasefire with Israel
Shafaq News/ Tehran
On Sunday, the Iranian rial slumped as fears mounted over a potential collapse of the fragile ceasefire between Iran and Israel.
The US dollar rose sharply to 88,250 tomans, while the euro climbed to 103,420 and the British pound hit 119,570 tomans, according to market data.
Meanwhile, the Tehran Stock Exchange suffered steep losses as trading resumed on Saturday after a nine-day closure prompted by the recent war with Israel. The main index plunged by 62,548 points, closing at 2.922 million—one of the biggest single-day drops since 2020.
More than 99% of listed stocks declined during the session, affecting 606 symbols, with only seven recording gains. Retail investors withdrew an estimated 2.113 trillion tomans, while equity funds lost 356 billion tomans and fixed-income funds saw 150 billion tomans pulled.
Financial experts noted that the downturn had begun even before the outbreak of war, following the collapse of five rounds of negotiations between Iran and the US earlier in June, which added to prevailing market uncertainty.
Analysts argue that the ceasefire announcement has not reassured investors or stopped the market slide, citing the absence of tangible regulatory measures to stabilize trading or limit losses.
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