Iranian rial loses value against PKR in open market
Key takeaways
- Add ARY News on Google AAResize KARACHI: Iranian Rial is still in demand in Pakistan as casual investors and currency dealers are still buying it.
- Driven by speculation of a future currency rebound, a growing legion of Pakistani purchasers have been snapping up the devalued Iranian currency, despite its past global underperformance.
- A glance at how the Iranian currency is doing against a universal yardstick – namely the greenback, where a US dollar can buy more than 1.37 million Rials on the global markets.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize KARACHI: Iranian Rial is still in demand in Pakistan as casual investors and currency dealers are still buying it. Though the interbank rate is still almost the same as one Iranian Rial fetches about 0.0002 Pakistani Rupees (PKR). In the open market, 1 crore Iranian Rial is currently selling for approximately PKR 6000 to PKR 7500, a little lesser than 8000 to 10,000 earlier this month.
Driven by speculation of a future currency rebound, a growing legion of Pakistani purchasers have been snapping up the devalued Iranian currency, despite its past global underperformance.
A glance at how the Iranian currency is doing against a universal yardstick – namely the greenback, where a US dollar can buy more than 1.37 million Rials on the global markets. But in Iran’s real, open market the ‘king dollar’ commands far higher – more than 1.6 million Rials as of late.