Violated Currency Market in Iran after Trump’s Pull-Out from JCOPA
Last night almost every single Iranian was in front of TV to watch what will happen to the Trump’s last decision. The time 22:20 local time, became then a historical momentum when Donald Trump took the stage to say that:” US is no more part of the JCOPA”.
President Hassan Rouhani and part of his administration, at the same time, were ready for a live broadcasting of a speech, one if the US President would say something else and the other if he decides to leave the JCOPA. The 2nd happened and the Iranian President started his 2nd choice for his speech. He promised that nothing will happen, but today the Iranian markets in all area reflected other signals.
The most serious market that showed its reflection was the currency market. Starting from 11:00 am, the routine in Iran when the daily prices are announced by the free market brokers, almost no one was eager to sell the foreign currency, and those few people who needed some FOREX for their trips had no chance to buy any, other than paying a very high price for it. One said to our reporter that he has paid a double price to buy some US$ in compariosn with the fixed price of Rls. 42000 per US$. Some active people in the FOREX market have said to our reporters that we can foresee a rate of Rls. 100.000 per US$ in few days.
Apart from the violated FOREX market, if manipulated or not, part of the stock market showed a positive response to the last night’s decision of Donald Trump by a 0.1% increase in the main index. Though, the metals and car stock markets went down negatively. The positive response was due to 100% bincrease in small trading of shares of some not financial companies. In fact the buyers prepared to buy the shares of producing and trading companies.
By any means, the Iranian total market is shocked now but at least we are sure that it will be more stable than the days which no one knew what would have been the decision of DT.