From 1 Shahrivar to today the free dollar rose 27,305 tomans and the last rate below 200,000 was set that day; Iran Market Pulse, Sunday, September 6, 2026, and TEDPIX set a record past 6.6 million units

1. Lead

The last time Tehran's free-market dollar closed below 200,000 tomans was 1 Shahrivar 1405 (23 August 2026), when Sahmino's daily series recorded 199,900 tomans. On Saturday 14 Shahrivar 1405 (5 September 2026) the same rate closed at 227,205 tomans: 27,305 tomans and 13.7 percent higher, across thirteen calendar days and ten recorded sessions. Saturday alone accounted for 6,145 tomans (2.78 percent) of that path, coinciding with reports that Iranian oil tankers had been struck near Kharg Island. In the same session TEDPIX, the Tehran Stock Exchange all-share index, rose 1.50 percent to 6,601,286 units and passed 6.6 million units for the first time, on a day when two different measures of retail money flow pointed in opposite directions.

2. Today's snapshot

3. Today's headlines

• US Central Command said it had destroyed one Iranian oil tanker and disabled two others; domestic outlets reported on Saturday that a tanker near Kharg Island had been hit by four projectiles (Al Jazeera and Tasnim via Donya-e-Eqtesad, Saturday 14 Shahrivar / 5 September).
• The free-market dollar accelerated after that report and reached the 227,000-toman area; Donya-e-Eqtesad recorded 227,130 tomans (Donya-e-Eqtesad citing EqtesadNews, Saturday 14 Shahrivar / 5 September).
• The Central Bank of Iran will issue standard parallel salaf (forward) bonds on the full Emami coin for the first time, with a guaranteed 7 percent return (ISNA via Donya-e-Eqtesad, Saturday 14 Shahrivar / 5 September).
• The market value of gold bullion on the Iran Mercantile Exchange, equivalent to the value of its gold bullion treasury, passed 1,000 thousand billion tomans as bullion deposit certificates began trading on the week's first session, and two new silver funds started trading (Kalakhabar, the IME's official news outlet, Saturday 14 Shahrivar / 5 September).
• Khouzestan Steel (Fakhouz) resumed trading on Saturday after more than six months of suspension and closed the day more than 21 percent higher (Khabaronline, Saturday 14 Shahrivar / 5 September).
• The thirteenth Islamic treasury bill auction drew weak demand and only one of the four offered symbols found buyers (Ecoiran, Saturday 14 Shahrivar / 5 September).
• The Shahrivar food-voucher (kalabarg) credit begins loading today, Sunday 15 Shahrivar, in three tranches by the last digit of the household head's national ID; the credit remains one million tomans per person (Ecoiran and Donya-e-Eqtesad, Sunday 15 Shahrivar / 6 September).

4. Currency

Today's story is a date, not a price. In Sahmino's daily free-market dollar series, the last close below 200,000 tomans belongs to 1 Shahrivar 1405 (23 August 2026): 199,900 tomans. The next session, 2 Shahrivar (24 August), the same rate closed at 202,195 tomans and never returned to that channel. On Saturday 14 Shahrivar the recorded close was 227,205 tomans. The difference between those two closes, from one series and one source, is 27,305 tomans, or 13.7 percent across thirteen calendar days and ten recorded sessions. The closing figure is the highest recorded close in our one-year series. For an outside check on that starting point: Donya-e-Eqtesad reported on 31 Mordad (22 August) that the dollar had reached the 190,000-toman channel, and Khabaronline on 8 Shahrivar (30 August) quoted Hossein Samsami saying the rate had moved above two hundred thousand tomans "over the past few days".

Saturday's own contribution was large: the 12 Shahrivar close was 221,060 tomans and the 14 Shahrivar close 227,205 tomans, a move of 6,145 tomans or 2.78 percent in one session. Donya-e-Eqtesad, citing EqtesadNews, reported 227,130 tomans the same day, and at 07:45 this Sunday morning Alanchand showed a buy rate of 224,250 and a sell rate of 226,500 tomans, so the market is opening slightly below Saturday's close.

On the official side, the remittance dollar sell rate at the Iran Currency and Gold Exchange Centre was recorded at 160,502 tomans on Saturday at 08:17, up 0.30 percent (buy rate 159,058 tomans). The gap between the two rates is now 66,703 tomans, or 41.6 percent, against the 38.1 percent Market Pulse reported on Saturday. A reminder is in order: the two rates are set by two different mechanisms, free-market supply and demand against administrative allocation for imports and designated uses, so the gap itself is not new.

Other currencies, all from Alanchand at 07:45 on Sunday 15 Shahrivar (sell rates): euro 263,100 tomans, UAE dirham 61,670 tomans, Turkish lira 4,750 tomans, Chinese yuan 33,840 tomans, one hundred Iraqi dinars 14,620 tomans and Russian rouble 2,630 tomans.

5. Gold and coin

Gold and coin is today's deep dive. The Emami coin was recorded at 237,495,000 tomans on Saturday 14 Shahrivar at 19:59, up 3,485,000 tomans or 1.49 percent from the 234,010,000 tomans of Thursday 12 Shahrivar. Eighteen-karat gold at the same moment was 23,674,400 tomans per gram, 155,600 tomans (0.66 percent) above Thursday. A mesghal of gold traded at 102,553,000 tomans, the half coin at 121,000,000 tomans and the quarter coin at 65,500,000 tomans. This Sunday morning at 07:44 the traded 18-karat gold sell rate is 23,402,100 tomans per gram, up 233,000 tomans or 1.01 percent from the previous reading of that same series, so the domestic gold market has started the day higher.

The Emami coin premium in Sahmino's series reached 328,000 tomans on Saturday, 139,000 tomans above Thursday's 189,000 tomans, which a Sahmino special report had called the lowest level in several weeks. The direction of that move matches the direction of the coin price, but its size stays very small against a coin priced at 237 million tomans; the figure should be read for what it is, a reading of our own premium series on two specific dates, not an estimate of the coin's whole distance from its metal value.

Two institutional developments will shape this market in the days ahead. First, the Central Bank of Iran will issue standard parallel salaf bonds on the full coin for the first time, with a guaranteed 7 percent return (ISNA via Donya-e-Eqtesad, Saturday 14 Shahrivar); the mechanism moves part of physical coin demand into a paper market. Second, according to Kalakhabar, the IME's official news outlet, the market value of gold bullion on the exchange passed 1,000 thousand billion tomans as bullion deposit certificates began trading on the week's first session, and two new silver funds entered trading. On the exchange board, gold funds were greener than the market itself on Saturday: Jam Tala rose 3.27 percent and the Lotus gold fund 2.69 percent (close of 14 Shahrivar, 13:25).

The global driver pointed the other way. Spot gold closed Friday 4 September (13 Shahrivar) down 0.92 percent at 4,432.56 dollars and was 0.46 percent lower over the week; silver fell 1.45 percent to 65.99 dollars (Trading Economics). According to Ecoiran, a stronger-than-expected US employment report pushed gold and equities back, and markets are now watching the US inflation print due on 20 Shahrivar. Put cautiously: domestic gold and coin prices rose over these two days while the global ounce fell, which means most of the move came from the exchange rate rather than the world market; the precise causal link between the two, beyond simple coincidence in time, cannot be established from today's data.

6. Bourse and Farabourse

The Tehran Stock Exchange and the Farabourse are two separate markets with two separate indices, and on Saturday both moved their closing records. TEDPIX rose 97,276 units, or 1.50 percent, on Saturday 14 Shahrivar to 6,601,286 units, passing 6.6 million units for the first time; the previous record was 6,583,932 units on 10 Shahrivar. Khabaronline reported the same close as 6,601,285 units on a 97,274-unit gain. The equal-weight index rose 1.29 percent to 1,821,887 units. Total turnover on that board in Sahmino's data was 49.4 thousand billion tomans across 1,052,455 trades, above the 47.0 thousand billion tomans of Wednesday's session. Wednesday's 1.21 percent decline, which had ended at least 20 consecutive rising sessions, was therefore recovered in a single session and then some.

The Farabourse all-share index rose 576 units, or 1.13 percent, on Saturday to 51,410 units, above its own previous peak of 51,376 units on 10 Shahrivar. Farabourse turnover was 68.2 thousand billion tomans across 509,235 trades, still more than the Tehran exchange. The Base Market, the shallower and more volatile board inside the Farabourse with wider price bands and more frequent halts, recorded no notable event in our data.

The board-reading point of the day is the other side of the trade, and here two different measures give two different answers. In Sahmino's share-count series, retail investors were net sellers of 1,206,351,767 shares market-wide on Saturday: 711 million shares on the Tehran exchange and 433 million on the Farabourse, with total buying of 96.7 billion shares against total selling of 97.9 billion shares. In the same session, Khabaronline reported net retail money inflow into the equity market of 1,822 billion tomans, while fixed-income funds saw 3,541 billion tomans leave. The two figures do not contradict each other: one counts shares and the other counts rial value, and the difference in direction means retail investors on net bought the more expensive shares and sold the cheaper ones. Each figure has to be read in its own unit, and neither says anything about the intent or future behaviour of either group.

Market breadth on Saturday was clearly positive: according to Khabaronline, 661 symbols closed higher against 188 lower, and 406 buy queues formed against only 42 sell queues; turnover in shares, rights and equity funds was 43,104 billion tomans on 121.7 billion shares (a narrower scope than the whole board, and not the same figure as the 49.4 thousand billion tomans above). The biggest corporate event of the day was the resumption of trading in Fakhouz (Khouzestan Steel) after more than six months of suspension, which closed the day more than 21 percent higher.

Among the most heavily traded symbols on Saturday (turnover above 500 billion tomans), Mowj rose 3.93 percent, Ahrom 3.07 percent, Vamaadan 2.98 percent, Shapena 2.94 percent, Khodro 2.88 percent, Khesapa 2.86 percent and Shetran 2.85 percent. Sahmino's screener identified 51 symbols above that turnover threshold across the whole universe of 1,662 symbols. On the corporate side, the annual general meeting of Fars was postponed to a second call for lack of quorum (Donya-e-Eqtesad, Saturday 14 Shahrivar).

7. Crypto

Bitcoin trades at 79,785 dollars as of 02:54 this Sunday, effectively unchanged over 24 hours (0.06 percent lower) but about 3.7 percent above the 76,912 dollars of Saturday morning, so Friday night's fall after the US employment report has largely been recovered. Bitcoin Cash traded at 256.93 dollars and Tether Gold at 4,426.63 dollars. Domestically, Tether is at 228,394 tomans as of 07:44 this morning, up 0.84 percent, which puts it above the free-market dollar sell rate shown on Alanchand this morning (226,500 tomans). Two global items are worth recording: Zcash passed 1,000 dollars after its first exchange-traded fund was approved and the US Securities and Exchange Commission case against it was dropped, and the G7 warned in a new report about the threat quantum computers pose to current cryptographic infrastructure (Arzdigital, Saturday 14 Shahrivar).

8. Iron and steel

On the Iran Mercantile Exchange, the latest recorded settlement for A3 rebar in sizes 14 to 20 still dates to Wednesday 11 Shahrivar: a volume-weighted average of 793,113 rials per kilogram, or 79,311 tomans; sizes 22 to 32 settled at 808,940 rials, or 80,894 tomans. On the market side, the factory rate for size 14 Arian Foolad A3 rebar was 80,450 tomans per kilogram on Saturday 14 Shahrivar, a gap of 1,139 tomans or 1.4 percent against the exchange's discovered price, which comes from distribution costs and intermediary margins. Size 10 Arian Foolad A3 was 81,820 tomans and size 8 Shahin Bonab A2 was 80,250 tomans on the same date. Globally, Shanghai steel closed at 3,131 yuan per tonne, up 0.51 percent, hot rolled coil at 1,238 dollars per tonne, up 0.24 percent, and iron ore at 99.57 dollars per tonne (Trading Economics, Friday 4 September). The notable driver of the week is the Baltic Dry Index, which reached a five-year high on a 13.9 percent weekly gain, attributed by Trading Economics to strong iron ore and coal demand (Saturday 14 Shahrivar); bulk freight is one component of the landed cost of imported steel raw materials. Domestically, the reopening of Fakhouz after more than six months was this group's largest event on Saturday.

9. Cars

The car market showed two different behaviours on Saturday 14 Shahrivar. According to Ecoiran, domestic models entered a correction: the Peugeot 207 Panorama automatic fell from 3 billion to 2.95 billion tomans (down 50 million tomans) and the Dena Plus Turbo fell 110 million tomans from 3.18 to 3.07 billion tomans, about 3.5 percent; the Saina S was unchanged at 1.37 billion tomans, while the Tara V4 Turbo and the Shahin G AT each rose 50 million tomans. Imported models moved the other way: the Kia K5 went from 9.65 billion tomans on 11 Shahrivar to 11.4 billion tomans on 14 Shahrivar, a rise of 1.75 billion tomans or about 18.1 percent in three days; the Audi Q5 Black rose one billion tomans to 14.5 billion, the Lucano L7 rose 500 million tomans to 7.6 billion and the Volkswagen ID4 rose 900 million tomans to 9.4 billion. Ecoiran attributes the split to weak demand at the lower end of the market and constrained supply at the imported end; that same report treats any firm conclusion about cars returning to a store-of-value role as premature.

10. Building materials

On the Iran Mercantile Exchange, type 5 (42.5) bulk cement settled on Saturday 14 Shahrivar at a volume-weighted average of 283,186 rials per kilogram, or 2,832 tomans, the freshest recorded settlement in the cement family. Type 2 (42.5) cement in 50-kilogram bags last settled on Wednesday 11 Shahrivar at 382,109 rials, or 3,821 tomans per kilogram. On the retail side, a 50-kilogram bag of Abyek type 2 Portland cement was 227,000 tomans on Saturday, or 4,540 tomans per kilogram, an 18.8 percent gap against the exchange's discovered price, close to the 19 to 26 percent Market Pulse reported on Saturday. On the exchange board, cement funds were green in line with the market: Simano rose 3.00 percent, Simania 3.00 percent, Ceman 2.99 percent and Simana 2.31 percent (close of 14 Shahrivar, 13:25).

11. Regional and global view

Brent crude closed Friday 4 September (13 Shahrivar) up 0.80 percent at 96.28 dollars and West Texas Intermediate up 0.20 percent at 91.48 dollars; Brent gained 9.28 percent over the week to that date (Trading Economics). That is not the only energy channel reaching Tehran: the US national average pump price for gasoline hit a record 4.15 dollars a gallon over the Labor Day holiday (Mehr, Saturday 14 Shahrivar). In global equities, the S and P 500 closed down 0.38 percent at 7,718.6 units, the Dow Jones down 0.51 percent at 53,414 units and the Nasdaq up 0.21 percent at 29,544 units (Trading Economics, Friday 4 September). The Shanghai index fell 0.30 percent to 3,930 units and Istanbul's BIST 100 rose 0.57 percent to 14,012 units, though it was 4.30 percent lower over the week. On regional currencies, at 07:45 on Sunday 15 Shahrivar the sell rates were 61,670 tomans for the UAE dirham, 4,750 tomans for the Turkish lira, 33,840 tomans for the Chinese yuan and 14,620 tomans for one hundred Iraqi dinars (Alanchand); the channel from those rates to Tehran runs through remittance costs and the landed cost of imports via the UAE, Turkey, Iraq and China corridors. Two commodity readings also matter for Iran's economy: the FAO global food price index reached its highest level since November 2022 in August, and the Baltic Dry Index hit a five-year high on a 13.9 percent weekly gain (Ecoiran and Trading Economics, Saturday 14 Shahrivar).

12. Verdict

Today's verdict is explicit: 200,000 tomans was never a ceiling for the dollar, it was a date, and that date is 1 Shahrivar; thirteen days later the same rate closed 27,305 tomans higher. The one thing to remember is that the Tehran exchange set its own record on the very day the dollar set one, and retail money did come into equities, 1,822 billion tomans net, yet in share counts a net 1.2 billion shares moved from retail to institutional hands; retail investors bought the expensive names and sold the cheap ones, so "money coming in" and "shares coming in" were not the same thing today. Sahmino's reading for what comes next: TEDPIX stays above 6,500,000 units through the end of the week, as long as net retail money inflow into equities stays positive; the horizon of this reading is the end of the week, and a close below 6,500,000 units in two consecutive sessions invalidates it (reading dated 14 Shahrivar 1405 / 5 September 2026).

13. What to watch today

• Today's reopening of the Tehran exchange after Saturday's record 6,601,286 units, and whether the two measures of retail flow (rial value and share count) point the same way this time.
• The free-market dollar in the first hours of trade, after Saturday's 227,205-toman close and this morning's opening around 226,500 tomans.
• Details and timing of the Central Bank's standard parallel salaf bond issue on the full coin.
• Fakhouz on its second day after reopening, and continued trading of gold bullion deposit certificates and the two new silver funds on the Iran Mercantile Exchange.
• A fresh settlement in the IME rebar family, whose latest recorded price still dates to 11 Shahrivar.
• The US inflation print on 20 Shahrivar, which Ecoiran reports is the focus of global markets in gold and equities. Sahmino's market calendar shows the events ahead at a glance.