ISLAMABAD – Iranian rial witnessed surge in Pakistan’s open currency market, with investors rushing to buy currency amid optimism over peace agreement.
According to the latest exchange rates, one Pakistani rupee is currently equal to around 4,953 Iranian rials, while Rs10 converts to nearly 50000 rials, showing rial’s continued movement in currency market.
Currency dealers said demand for Iranian rial has risen sharply in recent days, particularly in Karachi, Lahore and border areas, as investors anticipate that improving diplomatic ties between Tehran and Washington could pave the way for greater economic stability in Iran.
Exchange Companies Association Chairman Bostan said Pakistani investors purchased Iranian rials worth more than Rs3 trillion over the past six days. He noted that a large number of middle-income investors have entered the market, hoping to benefit from a further appreciation in the currency.
He said the value of the Iranian rial has increased dramatically in a short period. Just days ago, 10 million Iranian rials could be bought for around Rs2,000, but the same amount is now selling for nearly Rs4,000, representing an increase of almost 100 percent. Market participants also report that, compared with previous trading levels, the rial has gained nearly fourfold in parts of Pakistan’s exchange market.
Amid the growing interest in INR, Bostan advised the public to carry out all foreign exchange transactions only through licensed exchange companies. He warned that dealing with unauthorized operators could expose investors to fraud, illegal trading practices and financial losses.
Pakistanis buy 3 Trillion Iranian Rials in Five Days as Currency Doubles in Value amid peace deal
News Desk
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