ISLAMABAD: The Iranian Rial has witnessed a significant decline in value, with its exchange rate in Pakistan dropping sharply and drawing attention from currency buyers and traders involved in cross-border trade.
According to market analysts, 10 million Iranian Rials are now being exchanged in the Pakistani open market at the price of Rs4,500 to Rs5,000. The devaluation of the currency has caused traders to worry, especially those who have business dealings with Iran.
The Iranian Central Bank has published new official rates with regards to the value of one US dollar equalling 1.436 million Iranian Rials and one euro equalling 1.633 million Rials.
Currency dealers said a significant gap exists between official and open market rates. In the open market, the US dollar is reportedly trading between 1.86 million and 1.89 million Iranian Rials, considerably higher than the official rate.
Meanwhile, rates used by authorised money changers through the Sana system show the US dollar trading at around 1.517 million rials and the euro at nearly 1.726 million Rials.
The Central Bank of Iran has set the official value of 100 Pakistani rupees at 517,104 Iranian Rials, meaning one Pakistani rupee is equivalent to approximately 5.17 Iranian Rials at the official rate.
