Search for “USD to IRR” and you may see two very different numbers. One might say about 1.7 million rials per dollar; another says more than 2.7 million. Both can be right, because Iran has more than one exchange rate.
The official and reference rates
The Central Bank of Iran sets rates used for certain imports and government transactions. International currency converters also publish reference rates. In August 2026, the Associated Press reported the official Central Bank rate at around 1.5 million rials per dollar.
The open market rate
The open market, also called the free or informal market, is where exchange shops and individuals buy and sell cash dollars. This is the rate most Iranians actually pay. On 28 October 2026 it stood at 2,701,500 rials per dollar.
Why the gap?
- Sanctions limit Iran’s access to foreign currency from oil sales and banking.
- High inflation pushes people to hold dollars, gold or coins instead of rials.
- Controls on who can get official dollars leave everyone else buying on the open market.
Which rate should you use?
If you are traveling to Iran, sending money to family, or pricing goods inside the country, the open market rate is the realistic one. Official and reference rates matter mainly for government-approved trade and statistics.
See today’s open market dollar to rial rate, updated daily.