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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\u2019s central bank.<\/strong><\/p>\n 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.<\/p>\n Meanwhile, one Turkish lira cost 33,527, one Indian rupee 17,132, and one Chinese yuan 256,573, to mention some key figures.<\/p>\n So far, out of 45 currencies monitored by Iran\u2019s Central Bank, 42 grew stronger against the Iranian rial.<\/p>\n In Pakistan\u2019s open marke<\/strong>t, 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.<\/strong><\/p>\n This rate is still higher than the official rates issued by CBI.<\/p>\n On the War Front<\/strong><\/p>\n The US-Iran conflict, now into its later stages,\u00a0 saw renewed intensity earlier this month.<\/p>\n 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.<\/p>\n Oil prices have reacted sharply, with Brent crude approaching $100 per barrel.<\/p>\n \u00a0<\/p>\n<\/div>\n