Saudi Riyal to PKR Exchange Rate Steady
The exchange rate stability and increased remittances underscore the significance of the Saudi-Pakistan partnership, with potential benefits for Pakistan's economic stability and growth, given the country's reliance on remittances and foreign investment.
The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) remained stable, with 1 SAR equivalent to Rs74.63 in the open market and a selling rate of Rs75.18, as reported by the Forex Association of Pakistan on March 10, 2025.
The Saudi Riyal is the official currency of Saudi Arabia, a country that has a long-standing alliance with Pakistan, providing significant financial assistance and serving as a major destination for Pakistani laborers. These laborers send a substantial portion of their earnings back to Pakistan, exchanging Saudi Riyals for Pakistani Rupees, which further strengthens the economic connections between the two nations.
Pakistani expats in Saudi Arabia have been a crucial source of remittances for Pakistan. In January 2025, they sent $728.3 million in remittances, marking a 24% increase from the same period last year, although it was a 5.5% decrease from the previous month. This influx of foreign currency plays a vital role in stabilizing the Pakistani economy.
The stability in the Saudi Riyal to PKR exchange rate and the increase in remittances from Pakistani expats in Saudi Arabia are positive indicators for the Pakistani economy, highlighting the strong economic ties between the two countries and the potential for future growth and cooperation.
