The Iranian Rial (IRR) is witnessing a sharp rise in
Pakistan’s unofficial open currency market due to a sudden, unprecedented surge
in demand.
According to currency dealers in Karachi, Lahore and Quetta,
the Iranian Rial is being sold in the Pakistani market at a price three to four
times higher than the global price. A bundle of ten million (10 million) Iranian
Rials is currently trading between 8,000 and 10,000 Pakistani rupees in Pakistan's
cash market.
Interestingly, the price of one crore Iranian Rials in the
global market is just 2,110 rupees, but due to high demand and shortage of
supply at the local level, the prices are skyrocketing. According to the
current open market rates of Iranian rial in Pakistan, 1 rupee is worth 1,000
rials, 1,000 rupees is worth 1 million rials, while 8,000 to 10,000 rupees is
worth 10 million rials.
Globally, 1 Pakistani rupee is worth approximately 4,725
Iranian rials; however, only 1,000 rials are being given for 1 rupee in
Pakistan’s open market. This difference could be due to local demand, smuggling
or large numbers of pilgrims buying rials.
Currency dealers have advised citizens that rates may vary
depending on different cities and dealers, so for accurate information, refer
only to registered exchange companies.
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