Iranian rial surges against PKR after Islamabad MoU

Demand for Iranian rials (IRR) has risen sharply in Pakistan following reports of a 60-day Iran- US peace agreement, leading to a 100 percent jump in open market exchange, according to the Chairman of the Exchange Companies Association of Pakistan.

Malik Bostan, the Chairman of Exchange Companies Association of Pakistan (ECAP), while responding to a question, told ARY News Digital that Pakistanis have purchased Iranian Rial (IRR) worth an estimated Rs. 3 trillion over the past five days, with much of the demand coming from middle-income investors.

The surge in Buying in buying had led to a significant increase in the Iranian Rial’s value on the open market.

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He said that 10 million Iranian rials, which previously traded for around Rs. 2,000, are now being exchanged for nearly Rs. 4,000 in the open market.

According to the chairman of ECAP, demand for the rial increased after reports emerged of a potential agreement between Tehran and Washington, prompting speculation among investors and currency traders.

Malik Bostan also advised the public to only conduct currency transactions through licensed exchange companies to avoid fraud and illegal dealings.