Iran’s currency, the rial (IRR), hit a new all-time low in the open market, with the dollar closing in on 1.92 million rials amid ongoing conflict, according to a report in Iran International.
As reported on July 17, 2026, the dollar touched 1.918 million rials in Iran’s free market, crossing a previous record set in early May of 1.9 million rials, while the pound hovered near 2.58 million rials, and the euro was trading above 2.19 million rials. The average Iranian minimum wage as of today translated to about $87 in the open market and continues to diminish.
The collapse of Iranian rial contributes to escalating inflation which the IMF expects at nearly 69 percent in 2026, while the Iranian economy contracts 6.1 percent in 2026. Disruptions to the energy, transit and trade industries, particularly in the Strait of Hormuz, have combined with long-standing effects of sanctions and the impacts of the war on infrastructure to cause rises in the cost of imported goods, raw materials, and medicines, among other factors.
Where as in Pakistan, the open market is seeing a hugely different trend than interbank market.
IRR to PKR Rate Today (July 17, 2026)
Mid-market rate: Approximately 1 IRR ≈ 0.000202 PKR (or 1 PKR ≈ 4,950 IRR).
Open Market Rate = 6000 to 7000 PKR buys 1 CRORE IRANIAN RIAL
Demand for Iranian rial has remained robust among Pakistanis in recent weeks, with brokers and common buyers buying the currency and hoarding it on the outlook that political breakthroughs will happen or sanctions will lift. A resulting strengthened rial can translate into profits although the war carries substantial risk and uncertainty.