PESHAWAR: The prolonged closure of the Pakistan-Afghanistan border has significantly weakened the value of the Afghan currency and Iranian Rials in Peshawar, with trading in both currencies reportedly coming to an almost complete halt.
According to currency dealers, the Afghan currency has fallen to a record low against the Pakistani rupee, while demand for the Iranian Rials in Peshawar’s currency market has dropped to almost zero.
Sources said the Iranian Rials has also continued to weaken against the US dollar. According to the report, the exchange rate has reached around 2.628 million Iranian Rials per US dollar, described as an extremely low level for the Iranian currency.
The decline in demand has severely affected the buying and selling of Iranian Rials in Peshawar’s currency market.
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Meanwhile, the prolonged closure of the Pakistan-Afghanistan border and Afghanistan’s economic difficulties have also put pressure on the Afghan currency. The decline in its value against the Pakistani rupee has further affected currency trading in Peshawar.
According to sources, people travelling back to Afghanistan are increasingly preferring to carry US dollars and other foreign currencies instead of Afghan currency to meet their financial needs.
Currency dealers said the prolonged suspension of cross-border trade and movement has had a significant impact on Peshawar’s currency market, resulting in an unusual decline in demand for both Afghan and Iranian currencies.
