With the 1979 Revolution, the foreign economic relations with the embargos applied to Iran were limited to both the war against Iraq and the threat of the regime export. These restrictions are deepening from time to time and thus Iranian economy is unable to benefit from the openness. In this study, symmetrical and asymmetric relations between stock exchange and real exchange rate were investigated for the period between 2000 and 2016, with quarterly data. In the analyzes, it has been seen that the Iranian stock exchange was affected by the exchange rate, and the exchange rate was not affected by the stock exchange. While it was determined that the effects of real exchange rate on the stock exchange were not symmetrical, in asymmetric relations, it has been observed that external improvements on Iran economy create positive stock exchange effects, and this is defined as “substitution effects”. In the short term, it was determined that the appreciation of the national currency triggered the orientation to the national stock exchange market by creating a “wealth effect”. At this point, it can be said that Iran is faced with two different policies such as achieving in the process of articulation with the world economy or minimizing the degree of being affected by external shocks.