KARACHI: The Iranian rial softened further against most currencies today as 100 Pakistani rupees exchanged for 585,842 rials-up from 583,516-an exchange rate of around 5,858 rials per Pakistani rupee, compared to 583,516 the previous day; while 1 US dollar jumped from 1,619,512 to 1,624,371 IRR, according to data shared by Iran’s central bank.
The US Dollar reached 2.28-2.31 million on the black market and the Euro exchanged at close to 2.65-2.68 million rials, indicating the huge difference maintained due to sanctions and conflict pressure. Most other hard currency trades also favored strengthening against the rial: the European currency fetched 1,888,746, the British pound 2,199,693, the Swiss franc 2,007,759, the UAE dirham 442,307, and the Saudi riyal 433,166.
Meanwhile, one Turkish lira cost 33,527, one Indian rupee 17,132, and one Chinese yuan 256,573, to mention some key figures.
So far, out of 45 currencies monitored by Iran’s Central Bank, 42 grew stronger against the Iranian rial.
In Pakistan’s open market, however, Iranian rial is still a hot commodity though the craze to buy IRR has dampened in recent weeks as war has restarted. A standard 1 crore IRR packet is changing hands against at least 5000 to 6000 PKR, in place of Rs8000 to 10,000 in April.
This rate is still higher than the official rates issued by CBI.
On the War Front
The US-Iran conflict, now into its later stages, saw renewed intensity earlier this month.
US forces destroyed five Iranian crude oil carriers in the Gulf of Oman and near Kharg Island after Iranian attempts to target a US warship, bringing the recent tally of disabled or destroyed Iranian tankers higher. Iran responded with ballistic missile strikes on a US-linked base in Jordan and claimed attacks on US vessels, tankers, and other shipping in or near the Strait of Hormuz.
Oil prices have reacted sharply, with Brent crude approaching $100 per barrel.
