Iranian rial still a hot cake in open market; check rate today
- By Fahad Ali -
- Jun 08, 2026
KARACHI/LAHORE: The Iranian rial (IRR) is still selling like hot cake in Pakistan’s informal currency market as of Monday, June 8, 2026, as people still hope the IRR to PKR rate will go up after the war.
Currency dealers across Karachi, Quetta, and Lahore report that the standard bundle of 1 crore Iranian rials (10 million IRR) is trading between PKR 8,000 and PKR 10,000.
This level continues to stand three to four times above the earlier baseline near PKR 2,500, despite the rial’s ongoing weakness against US Dollar and other global currencies.
Open Market (Informal Cash Market in Pakistan – Premium Bundle Rate) (Approx. based on PKR 8,000–10,000 for 1 crore / 10 million IRR)
- 1 PKR buys approximately 1,000 Iranian rials
- 10 PKR buys approximately 10,000 Iranian rials
- 1,000 PKR buys approximately 1,000,000 Iranian rials (10 lakh rials)
- 1 crore IRR costs approximately PKR 8,000–10,000
Authentic / Mid-Market Rate (International benchmark / official conversion rate – no local premium) (Approx. 1 PKR ≈ 4,900–6,450 Iranian rials)
- 1 PKR buys approximately 5,000–6,400 Iranian rials
- 10 PKR buys approximately 50,000–64,000 Iranian rials
- 1,000 PKR buys approximately 5,000,000–6,400,000 Iranian rials (Equivalent: 1 crore IRR ≈ PKR 1,550–2,040)
Why People Are Still Buying the Iranian Rial in Pakistan
Despite the fact that the IRR to PKR rate hasn’t risen in recent weeks, forex dealers and common buyers are holding or buying Iranian rials in anticipation of future gains.
Genuine demand persists for physical rials in informal and semi-official trade with Iran. This includes imports of petroleum products, fuel, food items, and other goods through Balochistan border routes. Recent policy adjustments on transit and exports have kept this cash-based trade flowing, requiring actual rial notes for settlements.
Experts are of the view that Iranian rial may not rise to any such level that could result in instant monetary gains and it is quite possible that the buyers may lose money.