Demand for Iranian rials has surged sharply in Pakistan following reports of a 60-day Iran–US peace agreement, leading to a 100x jump in open market prices.
According to Chairman Exchange Companies Association of Pakistan (ECAP) Malik Bostan, citizens purchased Iranian currency worth around Rs. 3 trillion within just five days, driven mainly by middle-class buyers.
Bostan said the increased demand has doubled the value of the rial in the open market. He explained that earlier, 10 million Iranian rials were available for around Rs. 2,000, but the same amount is now being traded at nearly Rs. 4,000.
Bostan urged the public to only conduct currency transactions through licensed exchange companies to avoid fraud and illegal dealings.
The buying spree began immediately after reports of a potential Iran–US agreement, which triggered speculation in currency markets and increased retail demand.
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