KARACHI, Aug 18 (Alliance News): The Iranian rial (IRR) lost further value against the US dollar and Pakistani rupee on Tuesday in both official and open markets, with the free-market rate remaining the more widely used benchmark for cash transactions, travel and informal trade.
Market sources reported the US dollar trading at around 1,872,000 to 1,879,000 Iranian rials, equivalent to approximately 187,200 to 187,900 tomans. The rial was quoted near 1,879,000 against the dollar, moving within a range of around 1,875,500 to 1,882,000 rials.
At a mid-market rate of around 1,875,000 IRR per US dollar, one million Iranian rials were worth approximately $0.53, while 10 million rials were equivalent to around $5.33.
Against the Pakistani rupee, the currency was calculated at around 0.000148 PKR per Iranian rial, meaning approximately 6,750 Iranian rials were equivalent to one Pakistani rupee, based on prevailing dollar rates.
The Pakistani rupee traded around Rs277.58 to Rs277.61 per US dollar in the interbank market.
In Pakistan’s open market, a standard bundle of 10 million Iranian rials was reportedly being sold for around Rs5,000 to Rs6,000, compared with Rs8,000 to Rs10,000 during June and July.
The difference between the calculated exchange rate and open-market prices reflects demand and trading conditions, with some Pakistani buyers reportedly purchasing Iranian rials in anticipation of a possible recovery if Iran and the United States reach an agreement.
