The demand for the Iranian rial has once again increased rapidly in Pakistan’s open currency market, due to which its value has recorded a significant improvement.
According to market sources, the Iranian currency has rebounded in recent days after the reduction in tension in the Middle East between Iran and the United States and progress regarding the ceasefire.
According to sources, the impact of the decrease in uncertainty in global oil prices has also had an impact on the currency market, after which an increase in the value of the Iranian rial is being recorded. The price of 10 million Iranian rials in the open market has increased by about 2,000 to 3,000 rupees, after which its price has reached between 3,500 rupees and 4,500 rupees.
According to Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), Pakistani buyers have bought a total of 60 billion Iranian rials in the last two days, worth about Rs 250 million.
According to him, after a gap of about three months, the demand for the Iranian currency has started to increase again, and most of the buyers belong to the low and middle-income groups.
Malik Bostan said that after the US President announced a ceasefire two and a half months ago, there was a sudden increase in the purchase of the Iranian currency, as a result of which the price of 10 million rials increased from a few hundred rupees to about Rs 12,000. However, later, due to the Israeli and American attacks on Iran, the value of the currency decreased significantly, and this price fell again to Rs 2,000 to 3,000.
He added that after the demand increased again in recent days, the value of the Iranian currency is showing a trend of improvement; however, investors have been advised to be cautious. He said that at this time, there is only a preliminary agreement situation while the final deal is still pending, so the possibility of market volatility will remain.
Read also: Iranian rial surges after Iran-US deal, 10 million rials reach Rs 4,000
