Omani Riyal to PKR $ Exchange Rate Surges
The Omani Riyal's exchange rate with the Pakistani Rupee is closely watched by the large expat population in Oman, and any changes can have a significant impact on the country's economy, with Pakistan relying heavily on remittances from Oman and other countries to boost its foreign exchange reserves, and the $ to pkr exchange rate plays a vital role.
The Omani Riyal to Pakistani Rupee exchange rate stood at Rs730.65 in the open market on March 3, 2025, with a buying rate of Rs722.15 and a selling rate of Rs730.65, significantly impacting the large expat population in Oman.
The exchange rate has been crucial for Pakistan's economy, particularly for the estimated 250,000 Pakistani expatriates living in Oman. The Omani Rial gained against the Pakistani rupee on February 26, 2025, with a buying rate of Rs723.79 and a selling rate of Rs731.79 in the open market. This fluctuation affects the remittances sent by Pakistani expats, which contribute significantly to the country's foreign exchange reserves.
Pakistan receives over $1 billion in remittances from Oman annually, with the Omani Rial being a popular currency among Pakistani expatriates. The two countries have a long-standing relationship, with Pakistan exporting textiles, food, and agricultural products, while Oman sends oil, gas, and petrochemicals. The Saudi Riyal to PKR exchange rate remains steady at Rs74.57 on March 3, 2025, with 1 Saudi Riyal exchangeable for Rs74.57 in Pakistan.
The exchange rate and remittances are crucial for Pakistan's foreign exchange reserves, and any fluctuations can significantly impact the country's economy. With a significant decline in remittances from Saudi Arabia in January 2025, the country is looking to other sources, including Oman, to boost its foreign exchange reserves.
