Iranian Currency Gains Sharply After US-Iran Understanding, Rs60 Billion Rial Sold in 48 Hours

KARACHI: The value of Iranian currency has surged significantly in Pakistan’s open market following a reported memorandum of understanding between the United States and Iran, coupled with easing uncertainty in global crude oil prices.

According to currency exchange experts, the price of Iranian currency has increased by Rs2,000 to Rs3,000 per unit of “one crore Iranian rials,” rising from around Rs3,500–4,500 to higher levels in the local market.

Exchange Companies Association of Pakistan Chairman Malik Bostan said that approximately 60 billion Iranian rials were traded in the past two days, amounting to nearly Rs250 million in Pakistani currency.

He noted that after nearly three months of low activity, demand for Iranian currency has once again increased in the open market, primarily driven by lower and middle-income investors.

Malik Bostan added that a similar surge had been seen earlier when announcements related to a ceasefire led to increased buying activity, pushing the price of one crore Iranian rials to nearly Rs12,000.

However, he said the currency later declined sharply following renewed tensions involving Iran, Israel, and the United States, falling to Rs2,000–3,000 per crore before rebounding again in recent days.

He cautioned investors to exercise restraint, stating that the current situation is based on a memorandum of understanding rather than a final agreement, and therefore volatility and speculation in the currency could continue.

Bostan further said that the true value of the Iranian currency would become clearer once a final agreement between the United States and Iran is formally signed.

He advised that investors should remain careful as the market remains highly sensitive to geopolitical developments and subject to rapid fluctuations.