Iranian Rial Surges in Pakistan as Demand Soars Following Iran-US Peace Agreement
LAHORE: The value of the Iranian rial has witnessed an extraordinary surge in Pakistan following the reported Iran-US peace agreement, with demand for the currency increasing sharply over the past five days.
According to Exchange Companies Association Chairman Malik Bostan, Pakistani investors and currency buyers purchased Iranian rials worth approximately three trillion rials during the last five days. The sharp rise in demand has led to a significant appreciation of the Iranian currency in Pakistan’s open market.
He stated that before the recent increase, one crore (10 million) Iranian rials could be purchased for around Rs2,000. However, the same amount now costs approximately Rs4,000, reflecting a 100 percent increase in value within a matter of days.
As a result, investors who purchased Iranian rials before the surge have reportedly seen their investment value double in a short period.
Meanwhile, the Pakistani rupee also continued its upward trend against the US dollar in the interbank market. According to the State Bank of Pakistan, the rupee gained three paisas on Monday, with the dollar closing at Rs278.22.
In the interbank market, the Saudi riyal was valued at Rs74.11, the Bahraini dinar at Rs737.97, the Omani rial at Rs722.68, the Kuwaiti dinar at Rs904.34, and the Qatari riyal at Rs76.30.
In the open market, the US dollar was traded at Rs279.00 for buying and Rs279.25 for selling.
Currency market observers attributed the increased demand for the Iranian rial to improved investor sentiment and expectations of greater economic stability following recent diplomatic developments involving Iran.
