The main index of the Tehran Stock Exchange rose by 2,110 points to reach 5,900,000 points and set a new record.

Based on market analyses, the recent rise is the result of the convergence of several factors, including the decline in the value of the rial against foreign currencies, the increase in global commodity prices, the inflow of real money into the market, and rising inflation expectations.

In a situation where the dollar is traded on the open market at around 156,000 tomans and inflation is high, Iranian investors see stocks as a hedge against the currency’s loss of value. Export-oriented companies in the exchange also benefit from higher exchange rates and global commodity prices, because their revenues are in foreign currency and their costs are in rials.