Islamabad, Feb 19: The Saudi Riyal (SAR) has experienced a slight appreciation against the Pakistani Rupee (PKR) in the open market. The buying rate has risen to Rs74.48, while the selling rate is now at Rs75.00.
The Saudi Riyal, abbreviated as SAR or SR, is the official currency of the Kingdom of Saudi Arabia and is subdivided into 100 halalas. The recent uptick in its value against the PKR reflects ongoing economic dynamics between the two nations.
The bilateral relationship between Pakistan and Saudi Arabia is characterized by a longstanding and mutually advantageous alliance. This partnership is highlighted by significant financial support from the kingdom, including a recent extension of a $3 billion deposit to Pakistan for an additional year, aimed at bolstering the South Asian nation’s economy.
A substantial Pakistani expatriate community resides in Saudi Arabia, contributing significantly to Pakistan’s economy through remittances. These funds are vital for families in Pakistan, assisting with daily expenses, education, and local economic stimulation. This financial interdependence further cements the economic ties between the two countries.
In the precious metals market, gold prices in Saudi Arabia have seen an upward trend. The rate for 24-karat gold has increased to SAR 4,120 per tola (approximately 11.66 grams) as of February 19, 2025. Additionally, 10 grams of 24-karat gold are priced at SAR 3,536, and an ounce is valued at SAR 10,998.
Gold’s enduring value is attributed to its rarity, durability, and universal appeal. It is often considered a safe-haven asset, especially during economic uncertainties. The recent surge in gold prices can be linked to various global economic factors, including market volatility and geopolitical tensions.
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For individuals and businesses engaged in currency exchange or gold trading, staying informed about the latest rates is crucial. Exchange rates and commodity prices are subject to rapid fluctuations influenced by global economic conditions, market demand, and geopolitical events. Regularly consulting reliable financial news sources and official financial institutions can provide the most current information, aiding in making informed financial decisions.
In summary, the slight appreciation of the Saudi Riyal against the Pakistani Rupee and the rising gold prices in Saudi Arabia as of February 19, 2025, reflect the dynamic economic interplay between the two nations and the broader global market trends.
