Investigating the immediate and non-instantaneous effects of exchange rate changes (USD to Rials) and interbank interest rates on the total index of Tehran Stock Exchange using quarterly data from ۲۰۱۶ to ۲۰۲۴

Iran's capital market is always known as an inflationary market, and most price fluctuations in it are caused by exchange rate fluctuations and interbank interest rates, and due to economic sanctions and lack of proper investment in company development plans, many Profit making is caused by inflation and falling value of Rial and has nothing to do with the operational performance of the companies. Examining the fluctuations of the exchange rate, interbank interest rate and the total stock market index indicates that the total stock market index is completely affected by the fluctuations of the exchange rate (dollar) and the interbank interest rate and in the periods when these variables have positive or negative fluctuations have had, the total index has also fluctuated. On the other hand, the exchange rate and interbank interest rate are quite effective in examining the performance of companies. Securities are traded in the stock market by brokers or traders according to specific laws, rules and regulations. Several factors are effective in the formation of information and views of market parties and stock prices in these companies. Part of these internal factors and part of them are the result of the state of variables in the foreign economy. In the meantime, changes in the exchange rate and the interbank interest rate are known as important and influential variables on the total index of the Tehran Stock Exchange, each of which can have immediate and non-instantaneous effects (with a time delay) on growth and decline. have the total index of Tehran Stock Exchange. In this regard, the relationship between these variables was investigated using seasonal data during the years ۱۳۹۵ to ۱۴۰۲. The results of this research show that there is an inverse and negative relationship between exchange rate changes and the total index of the Tehran Stock Exchange, and also in terms of time, non-instantaneous and with a time delay of about one year, and between interbank interest rate fluctuations with The total index of Tehran Stock Exchange also has an inverse and negative relationship, but instantaneously and without time delay.

Keywords:

Exchange Rate Changes , Total Stock Index , Interbank Interest Rate , Instantaneous Changes , Non-Instantaneous Change