Iran's Two Dollar Rates Drift 4 Points Wider This Week as TEDPIX Ends Its 20-Session Rally in the Red; Market Pulse, Saturday, September 5, 2026

1. Lead

Tehran's main stock index (TEDPIX) fell 1.21 percent to 6,503,971 points on Wednesday, 11 Shahrivar 1405 (September 2, 2026), ending a streak of at least 20 consecutive gaining sessions; 65 percent of listed tickers closed lower and retail investors pulled a net of roughly 5,600 billion tomans out of the stock market. At the same time, the gap between Iran's free-market dollar and its official (negotiated) rate widened from about 34.5 percent at the start of this week to roughly 38.1 percent today, nearly 4 percentage points wider than a few days ago. Over Thursday and Friday's domestic market closure, a much stronger than expected US August jobs report pushed global gold down more than 100 dollars and bitcoin down more than 2 percent, while Brent crude is on track for its best week since mid-July.

2. Today's Snapshot

3. Today's Top Headlines

• The US economy added 162,000 jobs in August, beating every estimate in a Bloomberg survey; immediately after the release, the odds of a Federal Reserve rate hike at its September 15-16 meeting rose from about 50 to nearly 60 percent, global gold fell more than 100 dollars, and more than 200 million dollars in long crypto positions were liquidated (Ecoiran, citing the US Bureau of Labor Statistics, Friday, 13 Shahrivar).
• Brent and WTI crude have risen 7.1 and 9.8 percent respectively since the start of this week, on track for their best week since mid-July; Iraq's oil exports rose to about 2.34 million barrels a day in August from 1.35 million in July (Boursenews, citing Reuters, Friday, 13 Shahrivar).
• The US Treasury sanctioned Turkey's Golden Global Bank, the country's 35th-largest bank, over allegedly moving tens of millions of dollars from Iranian oil sales to China to the IRGC Quds Force via the "Rahbar" exchange network; the first direct US sanction on a Turkish bank (Khabaronline, citing the New York Post, Friday, 13 Shahrivar).
• The United States, together with the European troika (Britain, France, Germany), is seeking to have the IAEA Board of Governors adopt a resolution at next week's meeting referring Iran's nuclear file to the UN Security Council (Khabaronline, citing Reuters and Fars, Friday, 13 Shahrivar).
• TEDPIX fell 1.21 percent to about 6,503,000 points on Wednesday after at least 20 straight gaining sessions; retail investors pulled a net of roughly 5,600 billion tomans out of the market and 65 percent of tickers closed lower (Boursenews, Friday, 13 Shahrivar).

4. Currency

The gap between Iran's two dollar rates is today's central story. The free-market dollar in Tehran was recorded at 221,060 tomans on Thursday, 12 Shahrivar at 16:59, and has held there with no meaningful change into Saturday morning; a live check on AlanChand at 07:45 Saturday shows 221,600 tomans, essentially in line with Sahmino's own data. By contrast, the Iran Currency and Gold Exchange Center's remittance rate (the official, negotiated rate, sell side) stood at 160,022 tomans on Thursday at 09:17 (buy side: 158,582 tomans). The gap between the two rates now stands at 61,038 tomans, or 38.1 percent; in this week's Wednesday edition of Market Pulse (based on Tuesday's data), that same gap was 54,854 tomans, or 34.5 percent. In other words, over less than three trading days, the gap between the two rates has widened by nearly 4 percentage points; both rates rose by roughly similar amounts, but the free-market rate edged slightly further ahead. Tether trades at 219,559 tomans on the domestic market Saturday morning, down 0.57 percent. A reminder: the two rates price two different mechanisms (open-market supply and demand versus administrative allocation for imports and designated uses), which is why the gap has persisted for years; what is new today is the gap itself widening within a single week.

5. Gold and Coin

Iran's domestic gold and coin market, closed for the official Thursday-Friday weekend, still carries its last meaningful update from Thursday evening, 12 Shahrivar: 18-karat gold at 23,518,800 tomans and the Emami coin at 234,010,000 tomans, both unchanged from before. More notable is the Emami coin premium, which has fallen to 189,000 tomans, its lowest level in several weeks, as Sahmino's own Thursday special report had already flagged. Globally, though, a real shock hit Friday night: spot gold, which had traded above $4,472 an ounce before the US jobs report, fell more than 100 dollars within minutes of the stronger-than-expected release, per Ecoiran, citing the US Bureau of Labor Statistics. By Saturday morning, per Sahmino's live data, spot gold at $4,432.56 is recovering part of that drop; silver sits at $65.99, down from $66.59 on Friday before the report. Because Iran's domestic gold and coin market has not updated since Thursday, this global swing has not yet shown up in Tehran prices; that is an expectation, not a recorded figure.

6. Bourse and Farabourse

TEDPIX, a wholly separate index from Farabourse's own main index, fell 1.21 percent (79,962 points) on Wednesday, 11 Shahrivar, to 6,503,971 points, ending a rally of at least 20 straight gaining sessions; the equal-weight index fell 1.46 percent. Per Boursenews, retail trading value that day reached about 40 trillion tomans, but a net roughly 5,600 billion tomans in real money left the market and 65 percent of tickers closed lower; at the peak of morning selling pressure the index had fallen more than 2 percent before partly recovering on demand at lower prices. Still, Donya-e-Eqtesad reported TEDPIX rose 1.84 percent for the second week of Shahrivar overall, even as the equal-weight index slipped 0.22 percent, a divergence the paper attributed to traders favoring larger-cap names. Among individual tickers, National Iranian Copper (Fameli), Saipa (Khesapa), Tasico, Esfahan Steel (Zob) and Vabank each gained close to 3 percent to lead the day's winners; Fameli logged its seventh straight gaining session and a one-year high of 21,880 rials, and per Sahmino's data as of the night of 5 Shahrivar now trades at a trailing P/E of 15.5 with a one-year return of 442 percent, sitting in just the 8th percentile for value within its basic-metals sector of 91 peers, meaning it is relatively expensive versus its group. Esfahan Steel also hit a buy queue and a one-year high of 609 rials on its seventh straight up session. On the other side, Bank Tejarat traded at its price floor with volume 3.2 times its 20-session average, Mobarakeh Steel hit a sell queue on its third straight down session, and Shepna, Shabandar, Bank Saderat, Bank Mellat, Shatran, Shepdis and Tamin Ejtemaei (Shasta) each fell close to 3 percent, keeping the market in the red.

Farabourse did not escape the decline either: its main index fell 1.06 percent (542 points) on Wednesday, from 51,376 points Tuesday to 50,834 points. Trading value on that board reached about 82.9 trillion tomans the same day, even higher than the Tehran Stock Exchange's 47.0 trillion tomans, a sign Farabourse is not lagging in money moved. Retail investors were also net sellers there, though their share of selling was slightly lower than on the main bourse by trading volume. The Base Market, Farabourse's thinner and more volatile tier, saw no notable events today; no data was available on whether Petrochemical Niriz (Shavan), Farabourse's recent star with 17 straight gaining sessions, extended that streak on Wednesday.

7. Crypto

Bitcoin trades at $76,912 and Ethereum at $2,385 Saturday morning, both essentially unchanged from the prior day but still reflecting Friday night's drop that followed the stronger-than-expected US jobs report: bitcoin fell more than 2 percent within an hour to below $80,000, and more than 200 million dollars in long crypto positions were liquidated within 15 minutes of the data's release, per Ecoiran, citing the Financial Times. For Iran's market, Tether trades at 219,559 tomans domestically on Saturday morning. In domestic news, Boursenews reported Friday that more than 13,000 unlicensed crypto-mining farms have been identified in Iran, consuming about 3,750 megawatts, equal to four provinces' worth of power and nearly 8 percent of residential electricity use; the report said illegal mining costs the country close to 2.5 billion dollars a year, and more than 300,000 unlicensed mining rigs have been identified and seized so far.

8. Iron and Steel

On the Iran Mercantile Exchange, A3-grade rebar (14-20mm) settled at a volume-weighted average of 793,113 rials per kilogram (79,311 tomans) on Wednesday, 11 Shahrivar. The open-market factory price for 10mm Aryan Foolad A3 rebar was quoted at 81,820 tomans per kilogram on Thursday, 12 Shahrivar, a gap of about 3.2 percent reflecting distribution costs and middleman margins. Shanghai rebar, the global benchmark, held steady at 3,131 yuan a tonne on Thursday.

9. Cars

In the car market, Saipa's Pride 151 GX (1405 model) was priced at about 1,270,000,000 tomans on Thursday, 12 Shahrivar, the 1404 GX model at about 1,220,000,000 tomans, and the 1404 SE model at about 1,170,000,000 tomans; all three figures are unchanged from recent days and match what Wednesday's Market Pulse edition reported. The car market saw no fresh pricing news this week from the Competition Council or the Ministry of Industry.

10. Building Materials

On the Iran Mercantile Exchange, bagged Type 2 (42.5) cement settled at a volume-weighted average of 38,211 rials per kilogram (3,821 tomans) on Wednesday, 11 Shahrivar. A 50-kilogram bag of Type 2 Portland cement from Abyek Cement sold for 227,000 tomans on the open market Thursday (4,540 tomans per kilogram), and Tehran Cement's equivalent bag sold for 240,000 tomans (4,800 tomans per kilogram); both gaps run about 19 to 26 percent above the exchange-discovered rate. No data was available pointing to a specific driver for this week's gap.

11. Regional and Global View

Brent crude trades up 0.33 percent at $96.28 Saturday morning; since the start of this week Brent has risen 7.1 percent and WTI 9.8 percent, putting both on track for their best week since the week ending July 20, a rally Reuters linked to intensifying US-Iran military tension and concern over supply risk in West Asia; two Iraqi energy officials also said the country's oil exports rose to about 2.34 million barrels a day in August from about 1.35 million in July. In the US, the S&P 500 closed down 0.38 percent at 7,718.6 points on Friday, as market odds for a Federal Reserve rate hike at the September 15-16 meeting rose to nearly 60 percent. On sanctions and diplomacy, the US Treasury sanctioned Turkey's Golden Global Bank (the country's 35th-largest) over allegedly moving proceeds from Iranian oil sales to China to the Quds Force via the Rahbar exchange network, the first direct US sanction on a Turkish bank. Separately, the US and the European troika are seeking a new IAEA Board resolution next week to refer Iran's nuclear file to the UN Security Council. In regional currencies, the dollar traded at 48.38 Turkish lira (down 0.12 percent) and 6.71 Chinese yuan (unchanged) Saturday morning; the UAE dirham stood near 60,216 tomans, and the Iraqi dinar was little changed at about 1,594 rials per dollar.

12. Bottom Line

Today's verdict is clear: the gap between Iran's two dollar rates widened by nearly 4 percentage points this week, the Emami coin premium fell to its lowest level in several weeks, and TEDPIX finally logged a red session after at least 20 straight gaining days. What is worth remembering: all three happened within the same few days without one single, confirmed driver tying them together; no data was available to establish a direct causal link between money leaving the stock market and the dollar's simultaneous rise.

13. What to Watch Today

• How the free-market and official dollar rates react to any fresh news on US banking sanctions against Turkey or Iran.
• How Tehran's bourse opens today after Wednesday's 1.21 percent drop; does the decline continue, or does the market find buyers?
• How gold, silver and bitcoin respond over the coming days to the US jobs report and further Federal Reserve commentary.
• Next week's IAEA Board of Governors meeting on Iran's nuclear file.
• Whether Brent and WTI's rally continues on track for their best week in months. Sahmino's market calendar lists the week ahead at a glance.