Demand for the Iranian rial has increased sharply in Pakistan following the reported 60-day peace agreement between Iran and the United States, pushing up the value of the currency in the open market.
According to details, Pakistani citizens purchased Iranian rials worth around 300 billion rupees within five days after the agreement, while rising demand led to a 100 percent increase in the value of the Iranian currency in the open currency market.
Exchange Companies Association Chairman Malik Bostan confirmed the increase, saying the purchase of Iranian rials by middle-class buyers had risen significantly during the past five days.
He said one crore Iranian rials were earlier available for Rs2,000, while the same amount is now being sold for Rs4,000.
Malik Bostan advised citizens to buy Iranian rials only from licensed money changers to avoid fraud.
He said buying activity increased after the signing of the Iran-US agreement.
Today's E-Paper