The attacks on Iran by Israel and America and the subsequent increased missile attacks in the Middle East have shown a big difference between the economies of the two countries. While Israel’s currency shekel remained strong, Iran’s currency rial fell to a record low.
Israeli Shekel vs Iranian Rial: Which is Stronger?
- According to the data till March 1, 2026:
- 1 Israeli Shekel = 4,21,031 Iranian Rial
- 1 Iranian Rial = 0.00000237 Shekel
This means that one shekel can buy more than 4 lakh riyals, which shows the effect of Iran’s weak economy and long-term sanctions.
Latest exchange rate against dollar
israeli shekel
1 dollar = 3.14 shekels
The shekel remained stable at 3.093.23 per dollar over the past two months, meaning the currency remained strong despite the war.
Iranian Rial
Open Market: 1 dollar = 17,49,500 riyals
Official rate: 1 dollar = 42,086 riyals
The rial has weakened by about 30% since the beginning of 2026.
Position against the Indian Rupee
shekel vs rupee
1 shekel = ₹29.04
riyal vs rupee
Official rate: 1,000 riyals = ₹1.97
Open Market: 1,000 Riyal = less than ₹0.07
That means the price of Riyal has fallen drastically in the real market.
Why is the shekel strong?
Israel’s strong technology and cyber security industry, foreign investment and foreign exchange reserves of about $213 billion support its currency. A diversified economy and stable dollar earnings also keep the shekel strong.
Why did the Iranian Rial break?
Decades of international sanctions, impact on oil exports, restrictions on the banking system and over 48% inflation weakened the rial. Different exchange rate systems and economic instability also reduced people’s confidence. After the attacks in Tehran on 28 February 2026, fear increased in the market and the Rial fell sharply.
economic impact of war
Gold prices in Iran reached record levels as people are looking for safe investments. If the Strait of Hormuz is affected, the price of crude oil may increase by 2040%.
What is the impact on India?
India imports more than 1 million barrels of oil daily from Gulf countries, so there is a danger of oil becoming expensive. The remittances of about 90 lakh Indians living in Gulf countries may be affected. Due to pressure from oil prices, the rupee has reached close to 91 against the dollar and may weaken further if the situation worsens.