The value of the Iranian currency has shown a surprising rise following the recent conflict, with the Iranian rial gaining against the Pakistani rupee in both official and open markets.
During the Iran-US tensions, the rial has strengthened on digital platforms. According to online exchange data, one crore Iranian rials was equal to around Rs2,120 on April 15 morning.
However, the situation in the open market remains significantly different. Currency dealers say the rial is being traded between Rs6,000 and Rs9,000 per one crore units, showing a sharp increase compared to official rates.
Before the war, the same amount was valued between Rs2,000 and Rs2,500 in Pakistan’s local market.
Market experts say the sudden surge is largely driven by speculative buying. Investors are rushing to purchase the rial in hopes of quick profits, amid rumours of gains as high as 500 percent.
They added that ongoing diplomatic engagement between Iran and the United States has also influenced market sentiment. Traders expect that any potential agreement could lead to easing of sanctions on Iran, strengthening its currency further.
Analysts caution that the current spike may not be sustainable, as it is based more on market speculation than strong economic fundamentals.
