The price of Iranian rial is witnessing an extraordinary increase in the open market of Pakistan, where a bundle of 10 million Iranian rials is currently being sold between 8,000 and 10,000 Pakistani rupees.
According to currency dealers, the demand for Iranian rial is continuously increasing in the informal open markets of Karachi, Quetta and Lahore, due to which its price is trading at a level much higher than the international rate.
According to market sources, a bundle of 10 million, i.e. 10 million Iranian rials, is being sold in the open market for 8,000 to 10,000 rupees, while about 1 million Iranian rials can be obtained for 1,000 Pakistani rupees.
Economic analysts say that two major reasons are emerging for this extraordinary increase in the price of Iranian rial. The first reason is that big investors and traders are buying the rial in the hope of a possible diplomatic breakthrough between Iran and the United States or an easing of sanctions in the future, so that they can profit if the rial appreciates in the future.
According to experts, the second main reason is the informal trade with Iran in the border areas of Balochistan, where the use of cash Iranian rials in the purchase and sale of petroleum products, fuel and food items is increasing. This trend has increased further after the recent relaxation of transit rules.
Currency market experts have warned citizens that the Iranian rial is considered an unstable currency globally and these prices in the local market can change at any time due to political or economic changes.
Experts have advised buyers to transact only with registered and licensed exchange companies to avoid counterfeit notes and financial losses.
Read also: Iranian Rial sees unprecedented demand spike in Pakistan
