The Impact of real exchange rate fluctuations on investors' portfolio in line with the protection of Iranian capital

One of the goals of general policies for national production to protect Iranian labor and capital has been the necessity to keep domestic and Iranian capital abroad in order to prevent the outflow of capital from the country and improve social welfare. The importance of this issue is such that the year 2012 was named under this title. in recent years, the exchange rate in the country has fluctuated significantly and has certainly been affected on investors' portfolios. Accordingly, in order to achieve the ideals and principles of the Constitution in the 20-year perspective of the country, it is necessary to study the impressionability of investors' portfolio in Iran on the real exchange rate and its fluctuations and provide the necessary guidance to the government and investors. So that, in the first stage, the vulnerability of Iranian capital to exchange rate fluctuations is minimized and in the next stage, investments are directed towards production and caused to reduction of inflation. Therefore, the main purpose of this study is the study of the impressionability of investors' portfolio in Iran on the real exchange rate and its fluctuations. In order to achieve the above goal, research hypotheses were tested by using a descriptive and library method and using time series data from Iran in the period of 1991 to 2019. The Autoregressive Distributed Lag (ARDL) models was used to analyze the data and test the hypotheses. The results show a significant effect of exchange rate fluctuations on investors' portfolio.