PESHAWAR: The Iranian currency rial has soared in the open market after news of a possible deal with the US.
The price of 10 million Iranian Rials increased by Rs 1,500 in a single day. According to data from the Exchange Companies Association, the price of 10 million Iranian Rials in the market reached Rs 4,000 after the news of the deal came out.
This is a significant increase compared to the previous day. The association says that on the first day of the news of the deal, Iranian rials worth Rs 25 billion were sold in the market. Exchange Companies Association Chairman Malik Bostan said that even today, there is an extraordinary increase in demand for the Iranian rial.
Investors and foreign exchange dealers are expecting that sanctions imposed on Iran will be eased after the deal with the US, which may further improve the value of the rial. On this expectation, the purchase of rial has increased in the market.
Economists say that the increase in the value of the Iranian rial in Pakistan is directly linked to border trade, the barter system, and the informal purchase of oil between the two countries. However, they warned that this currency surge could be short-lived and would depend on the final terms of the agreement and the future of global sanctions.
Read also: Iranian oil tankers, cargo vessels sail through as US naval blockade officially lifted
