LAHORE – Demand for the Iranian rial is rising dramatically in open market of Pakistan, pushing up its exchange rate amid ongoing tensions between Tehran and Washington.
Market sources attribute the surge to speculation that the Iranian currency is likely to strengthen in the coming days.
A manager at a Lahore-based currency exchange told Pakistan Observer that rumors in the market have fueled increased trading activity in Iranian currency.
The rial has seen a remarkable jump, appreciating nearly four times against the Pakistani rupee, driven by speculation and growing cross-border trade despite regional uncertainties.
Analysts also note that new toll revenues from ships passing through the Strait of Hormuz have further bolstered the currency, contributing to its recent gains.
10 Million Iranian Rial to PKR Rate Today
The exchange company manager reported that prior to the conflict, 10 million Iranian rials were traded at Rs2,000–Rs2,500.
Currently, the value has surged dramatically to Rs7,000–Rs10,000 in Pakistan’s open market.
He also noted a shortage of the currency, as investors have been hoarding rials to capitalize on potential future gains.
