Islamabad (Commerce Desk) — Due to strict international sanctions imposed on Iran and ongoing economic difficulties, the Iranian currency rial has faced a severe decline, reaching a historic low against various global currencies, including the Pakistani rupee.
According to reports, a significant drop in the value of the Iranian rial is being witnessed in Pakistan’s open market, where a packet containing one crore Iranian rial notes is available for approximately Rs4,500 to Rs5,000.
According to the new exchange rates issued by the Central Bank of Iran, the official price of the US dollar has increased from 1,421,105 rials to 1,436,205 rials, while the official price of the euro has also risen to 1,633,131 rials.
According to the Sana system used by authorized money changers, the US dollar is trading at 1,517,870 rials, while the euro is being traded at 1,725,994 rials.
According to data from the Central Bank of Iran, the official value of 100 Pakistani rupees has been set at 517,104 Iranian rials, which means one Pakistani rupee is now equivalent to approximately 5,171 Iranian rials.
On the other hand, in Tehran’s open market, the price of the US dollar is much higher than the official rate, where the dollar is being bought and sold between 1.86 million and 1.89 million Iranian rials.
Currency experts and exchange dealers say that due to the major difference between official and market rates, further fluctuations in the Iranian currency market are expected in the coming days.
They advised traders to consider only verified exchange rates from licensed exchange houses in Pakistan for financial transactions to avoid potential losses.