Saudi Riyal Exchange Rate Sees Slight Adjustment

The Saudi Riyal (SAR) exchange rate in Pakistan experienced a minor fluctuation on November 29, 2024, impacting individuals and businesses that rely on currency exchange. The slight shift in the rate is attributed to the dynamic nature of the foreign exchange market.

The buying rate for the Saudi Riyal increased to Rs 74.09, while the selling rate decreased to Rs 73.96, as reported by the latest market data. This change is characteristic of the natural fluctuations that occur due to various economic factors influencing the foreign currency exchange market. The Saudi Riyal remains a significant source of remittances for Pakistan, making it essential to monitor the exchange rate closely for those involved in currency transactions. Currently, the buying rate stands at Rs 73.99, and the selling rate is at Rs 74.39 in the open market, with 500 Saudi Riyals being equivalent to Rs 36,995 in Pakistani currency, and 1,000 Saudi Riyals equivalent to Rs 73,990.

Furthermore, the open market of Pakistan witnessed another minute change on the following day, with the Saudi Riyal dropping by two paisas. The buying rate stands at Rs 74.01, and the selling rate is at Rs 74.41. This stability is observed for the sixth day of the business week. Moreover, the current exchange rate indicates that 500 Saudi Riyals are equivalent to Rs 37,005 in Pakistani currency, and 1,000 Saudi Riyals are equivalent to Rs 74,010. There is option to convert the SAR to PKR at the open market rate of Rs 74.01 in bank branches or exchange company offices.

It is essential for individuals and businesses to stay informed about the latest exchange rates to make informed financial decisions, accounting for any minor fluctuations in the market.