Demand for Iranian currency has risen sharply in Pakistan following the 60-day peace agreement between Iran and the US, leading to a significant increase in the value of the Iranian rial in the open market.
According to details, Pakistani citizens purchased Iranian rials worth nearly Rs3 trillion during the last five days after the peace agreement between Iran and the United States. Rising demand pushed the value of the Iranian currency up by 100 percent in the open market.
Middle-Class Buyers Drive Demand
Chairman of the Exchange Companies Association of Pakistan, Malik Bostan, confirmed the development and said that the middle class has shown an unusual increase in the purchase of Iranian rials over the past five days.
He said many people have started buying Iranian currency after the signing of the peace agreement between Iran and the US, which has improved investor sentiment regarding Iran’s economic outlook.
According to Malik Bostan, the surge in demand has directly affected the exchange rate of the Iranian rial in Pakistan’s open currency market.
Iranian Rial Value Doubles
Explaining the change in prices, Malik Bostan said that previously one crore Iranian rials could be purchased for around Rs2,000. However, after the recent rise in demand, the same amount now costs nearly Rs4,000.
This represents a 100 percent increase in the value of the Iranian currency in Pakistan’s open market within a short period of time.
Currency dealers believe the recent diplomatic breakthrough between Tehran and Washington has created expectations of improved economic conditions in Iran. As a result, many people are purchasing Iranian rials in anticipation of further appreciation.
Five-Day Purchases Reach Rs3 Trillion
According to Malik Bostan, Pakistani buyers purchased Iranian rials worth approximately Rs3 trillion during the past five days.
The increase in buying activity has mainly come from middle-income individuals, who are entering the market in large numbers.
Market observers say such rapid increases in demand are unusual and reflect growing confidence among investors and ordinary buyers following the easing of tensions between Iran and the US.
Licensed Money Changers Recommended
Malik Bostan urged the public to purchase foreign currencies only through licensed exchange companies and authorized money changers.
He warned that dealing with unauthorized operators could expose buyers to fraud and counterfeit currency.
He advised citizens to verify the credentials of exchange companies before carrying out any transactions.
Peace Agreement Boosts Market Sentiment
According to the chairman of the Exchange Companies Association, buying activity accelerated after Iran and the United States formally signed the agreement.
Analysts believe the deal has improved expectations about Iran’s economy and future trade prospects. They say positive diplomatic developments often influence currency markets and investor behavior.
However, experts also caution that currency prices can remain volatile, and investors should exercise care before making speculative purchases.