1 crore Irani Rial to PKR rate increases massively following deal with US

LAHORE – Iranian rial strengthened significantly in open currency market of Pakistan as 1 crore Irani rial to PKR rate moved up in two days after the US and Iran reached a peace agreement to end the conflict. Exchange Companies Association of Pakistan Chairman Malik Bostan told media that Pakistani buyers purchased a total of 60 billion Iranian rials during the last two days. The transactions were valued at around Rs250 million in Pakistani currency. He said that demand for the Iranian rial has returned after a gap of nearly three months. Most buyers are from the lower- and middle-income segments who are seeking investment opportunities in the currency market. 1 Crore Irani Riyal to Pakistani Rupee Experts said increased demand for the Iranian currency pushed the price of 10 million Iranian rials up by approximately Rs2,000 to Rs3,000, reaching a range of Rs3,500 to Rs4,500. Malik Bostan noted that around two and a half months ago, buying activity in the Iranian rial surged after a ceasefire announcement by the US president. At that time, the value of 10 million Iranian rials, which had previously traded for only a few hundred rupees, climbed sharply to around Rs12,000. However, he added that subsequent Israeli and US strikes on Iran led to a significant decline in the currency’s value. Until two days ago, 10 million Iranian rials were trading between Rs2,000 and Rs3,000. Renewed demand over the last two days has once again supported an upward trend in the currency’s value. Malik Bostan advised investors to exercise caution when investing in the Iranian rial. He said that only a memorandum of understanding has been reached so far, and market volatility may continue until a final agreement is signed between the parties.