Iranian Rial doubles in value as Pakistanis bet Rs3 Trillion on Iran’s comeback

ISLAMABAD – Pakistan’s open currency market witnessed an extraordinary surge in demand for Iranian rial amid 60-day peace agreement between the US and Iran, triggering a sharp rise in the value of the Iranian currency. Currency market insiders said the demand for INR skyrocketed over the past five to six days as a large number of Pakistani investors moved to purchase the currency amid expectations of a potential improvement in Iran’s economic outlook. The sudden buying spree has significantly impacted market trends, with the value of the Iranian rial reportedly increasing by nearly 100 percent in a matter of days. Traders say the currency’s price has effectively doubled due to the unprecedented demand. Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan claimed that Pakistani citizens purchased Iranian rials worth more than Rs3 trillion through the open market within just six days. He noted that a substantial portion of the buyers consisted of middle-class investors seeking to capitalize on potential gains. Bostan said that before the recent surge, 10 million Iranian rials could be purchased for around Rs2,000. However, the same amount is now being sold for approximately Rs4,000, reflecting the dramatic jump in the currency’s value. Market observers believe speculation surrounding a possible understanding between Tehran and Washington has fueled expectations of economic stabilization in Iran, encouraging investors to accumulate the rial in hopes of future appreciation. Amid the growing interest, Bostan advised the public to conduct all foreign currency transactions exclusively through licensed exchange companies to avoid fraud, illegal trading practices, and potential financial losses. 1 crore Irani Rial to PKR rate increases massively following deal with US