KARACHI/TEHRAN: Central Bank of Iran’s foreign exchange rates for July 22nd, 2026 show significant gain for most currencies against Iranian Rial (IRR). The official rate of one US dollar was set at 1,398,988 rials, which is higher compared to 1,384,657 rials of previous day.
Also the official rate of 100 Pakistani rupees rose to 503,500 rials compared to 498,344 rials of a day before. In the open market, however, 1 CRORE IRR is still exchanging hands for PKR 6000 to 5500.
One Euro also grew from 1,580,165 to 1,595,855 rials. One US dollar quoted at 1,511,200 and one euro at 1,723,857 against the rial through SANA.
Why Pakistanis are still buying IRR
Many Pakistanis continue to buy rials in the free market in the hope that peace eventually prevails, or the sanction regime against Iran can be lifted.
During previous fighting, rials experienced a spike when rumors circulated of a truce in the region, and as many middle-income buyers made bets on the prospect of an improved peace arrangement, in the June Memorandum of Understanding, the value of rials appreciated significantly. Amidst the renewed volatility, a lot of observers still regard the rial as being of interest due to high risks associated with it since some look at it as a golden opportunity which can bear good returns if tensions decrease in any way. However, other market observers caution about future increases due to the continued risk of the war escalating further.
On the War Front
US targeted Iran for the 11th night in a row as of July 22, with latest round lasting around 75 minutes, and Iran retaliates by firing drones and missiles at U.S. Bases in Kuwait, Jordan and Bahrain; the latter hits accommodation buildings, storage andhangarsat those locations.
Trump vowed to step up war efforts by hitting Pickaxe Mountain, a highly secure underground facility thought to house nuclear activity, as the United States says Iran is not genuinely seeking peace, although they are ready to engage.
In the meantime, the U.S. Strikes and Iranian responses, coupled with continuing turbulence around the Strait of Hormuz, take a continued toll on the Iranian economy and the Iranian rial. The ongoing damage to infrastructure, disruption to export volumes and overall uncertainty about the future of the nation have already sent the rial down to a near-record low in the free market, where the dollar is selling for approximately 1.91-1.94 million rials. Such conflicts usually lead to a jump in inflation, decline in output, and exodus of capital, all of which have been known to widen the free market dollar-rial rate further.
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