Pakistanis buy 300 billion Iranian rials in five days

Demand for Iranian currency has surged in Pakistan following a 60-day peace agreement between Iran and the US.

According to details, citizens in Pakistan purchased Rs300 billion Iranian rials within just five days after the agreement. The spike in demand has caused the value of the Iranian rial to rise by nearly 100 per cent in the open currency market, according to the Exchange Companies Association of Pakistan.

Chairman of the association, Malik Bostan, confirmed the surge and said that buying activity from the middle class had increased significantly over the past few days. He explained that previously, around Rs2,000 would fetch about 10 million Iranian rials, whereas now the same amount only buys around half that currency due to rising prices.

Malik Bostan urged citizens to purchase foreign currency only from licensed money changers to avoid fraud and financial losses.

He said the sudden increase in demand reflects heightened public interest following recent geopolitical developments involving Iran and the United States.