US-Iran peace deal: Rs25 billion worth of Iranian Rials sold in a day: Malik Bostan

KARACHI: The Iranian rial recorded a sharp increase in value following the agreement between the United States and Iran, with market demand for the currency rising significantly.

According to market figures, the value of 10 million Iranian rials increased by Rs1,500 within a single day.

As a result, 10 million Iranian rials were being traded at around Rs4,000 in the local market.

The Exchange Companies Association reported a surge in trading activity immediately after the agreement, stating that Iranian rials worth approximately Rs25 billion were sold on the first day following the announcement.

Chairman of the Exchange Companies Association, Malik Bostan, said demand for the Iranian currency remained exceptionally strong and continued to rise.