Iranian rial value suddenly skyrockets, citizens flock to currency exchange centers

ISLAMABAD: Pakistan’s open currency market is witnessing an unusuawith demand for the Iranian rial rising sharply due to a sudden surge in trend these days, where the demand for Iranian rial has increased significantly due to a sudden increase in its price.

This situation has come to light after news of an alleged 60-day peace agreement between Iran and the United States. According to currency market sources, after the recent developments, a large number of citizens have shown extraordinary interest in buying Iranian rial in the last few days, especially during the last five days.

This increasing activity has clearly affected the market trends. Due to the surge in demand, the value of Iranian rial in the open market is continuously increasing and according to estimates, its price has increased by almost 100 percent, meaning its value has almost doubled.

Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), told a private TV channel that within just 6 days after the new situation, Pakistani citizens bought Iranian currency worth more than 3 trillion (3 thousand billion) rupees from the open market, most of the buyers were middle-class investors.

He said that due to this unusual buying trend, the price of the rial in the open market has increased significantly and now the situation is that 10 million Iranian rials, which were previously available for about 2 thousand Pakistani rupees, are now being sold for about 4 thousand rupees.

According to Malik Bostan, news about a possible agreement between Tehran and Washington has fueled speculation in the currency market, which has resulted in a further increase in the demand for the rial. He directed the public to always buy and sell currency only through licensed exchange companies to avoid any kind of fraud or illegal transactions.