Iranian Rial price surges in Pakistan’s Open Market

ISLAMABAD: The Iranian Rial (IRR) is witnessing a sharp increase in its price in Pakistan’s unofficial open currency market due to a sudden and unprecedented increase in demand.

According to currency dealers in Karachi, Lahore and Quetta, the Iranian Rial is being sold in the Pakistani market at a price three to four times higher than the global price.

According to local currency dealers, a bundle of ten million (10 million) Iranian Rials is currently trading between 8,000 and 10,000 Pakistani rupees in the cash market of Pakistan.

Interestingly, the price of one crore Iranian Rials in the global market is just 2,110 rupees, but due to high demand and shortage of supply at the local level, the prices are skyrocketing.

According to the current open market rates of Iranian rial in Pakistan, 1 rupee is worth 1,000 rials, 1,000 rupees is worth 1 million rials, while 8,000 to 10,000 rupees is worth 10 million rials.

Reason for the difference in prices

Globally, 1 Pakistani rupee is worth approximately 4,725 Iranian rials, however, only 1,000 rials are being given for 1 rupee in Pakistan’s open market. This difference could be due to local demand, smuggling or large numbers of pilgrims buying rials.

Currency dealers have advised citizens that rates may vary depending on different cities and dealers, so for accurate information, refer only to registered exchange companies.