The Saudi Riyal (SAR) experienced a minor drop in its value against the Pakistani Rupee (PKR) in the open market on Saturday, 08 February 2025. The buying rate of the Riyal decreased by two paisas, settling at Rs74.40, while the selling rate also saw a slight decline, reaching Rs74.63.
The Saudi Riyal, which people abbreviate as SAR, serves as the official currency of Saudi Arabia. The currency divides into 100 halalas. As of today, you can exchange 1,000 Saudi Riyals for Rs74,400 in Pakistani Rupees.
Saudi Arabia continues to be the largest source of remittances for Pakistan, with millions of Pakistani expatriates working in the Kingdom. These remittances play a vital role in stabilizing Pakistan’s economy and supporting its foreign exchange reserves.
Earlier this week, Pakistan and Saudi Arabia strengthened their economic ties by signing a significant agreement. The deal allows Pakistan to defer payments for oil imports worth $1.2 billion for one year. Pakistan’s Prime Minister Shehbaz Sharif and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), attended a ceremony where they finalized the agreement.
This agreement is expected to ease Pakistan’s financial burden and improve its balance of payments. It also highlights the strong bilateral relationship between the two nations, with Saudi Arabia consistently supporting Pakistan during economic challenges.
The slight fluctuation in the SAR to PKR exchange rate reflects the ongoing dynamics of the currency market. However, the stability of remittances from Saudi Arabia remains a key factor in supporting Pakistan’s economy.
For those exchanging currencies, it is advisable to stay updated on daily rate changes to make informed decisions. The current exchange rate of Rs74.40 for the Saudi Riyal offers a favorable opportunity for individuals and businesses dealing in cross-border transactions.
Also Read: Pakistan’s Inflation Expected to Drop Below 3% in January 2025
As Saudi Arabia continues to play a pivotal role in Pakistan’s economic landscape, experts expect the relationship between the two nations to grow stronger, which will benefit both countries in the long run.