The demand for Iranian rials in Pakistan’s unofficial currency market has suddenly surged, leading to unprecedented price increases locally. In markets across Karachi, Lahore, and Quetta, a bundle of 10 million Iranian rials is now being sold for 8,000 to 10,000 Pakistani rupees.
Surprisingly, even though the rial has depreciated in the international market, it is being sold in Pakistan at nearly four times the global rate. While the price for 10 million rials is only about 2,110 rupees worldwide, buyers in the Pakistani open market are being charged up to 10,000 rupees for the same amount.
Current market data indicates that one Pakistani rupee is equivalent to 1,000 Iranian rials locally, with 1 million rials fetching around 1,000 rupees. Economists attribute this significant disparity to the increasing demand and supply of rials in the market, which has resulted in a considerable gap between global and local rates.
