Pakistani Rupee Stable Against Saudi Riyal

Pakistan's rupee has continued to maintain stability against the Saudi Riyal (SAR), with exchange rates remaining relatively unchanged in recent days. On January 3, 2025, the buying rate for SAR stood at Rs73.85, while the selling rate was recorded at Rs74.4 in the open market. This stability is largely attributed to the enduring partnership between Pakistan and Saudi Arabia, which has led to millions of Pakistani expats sending remittances back home.

The Saudi Riyal's exchange rate against the rupee experienced a slight increase on January 3, with a buying rate of Rs73.96 and a selling rate of Rs74.09. This marginal rise is barely noticeable, with the previous day's rates being Rs73.94 for buying and Rs74.08 for selling. The Saudi Riyal remains the most favored currency among Pakistanis for remittances due to the large number of expatriates employed in the kingdom. Current exchange rates for major currencies also suggest the relative strength of the rupee, with the US Dollar at Rs279.55 for selling and Rs279.05 for buying, the Euro at Rs285.78 for selling and Rs285.27 for buying, and the British Pound at Rs344.90 for selling and Rs344.28 for buying.

In a development on January 4, the Saudi Riyal weakened by two paisas, with its buying rate dropping to Rs74.18 in the open market. The selling rate also decreased, trading at Rs74.58. As the largest source of remittances to Pakistan, Saudi Arabia plays a significant role in boosting the country's foreign exchange reserves. Many expatriates returning home exchange their Riyals for Rupees, further stabilizing the currency exchange rates.

The Saudi Riyal is divided into 100 halalas, with the current buying rate of one Riyal being Rs74.18. This makes it easier for Pakistanis to calculate the value of their remittances in Rupees. The stability of the rupee against the Saudi Riyal is a significant development, and it is expected to have a positive impact on the overall economy of Pakistan.