Islamabad, Feb 17: The exchange rate for the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) remained steady at Rs74.20 in the open market on Monday, February 17, 2025. Similarly, the selling price of the Riyal remained unchanged at Rs74.75 on the first business day of the week.
The Saudi Riyal, abbreviated as SAR or SR, is the official currency of Saudi Arabia, with one Riyal divisible into 100 halalas. Saudi Arabia’s role in Pakistan’s economy is significant, with a long-standing partnership built on financial support and collaboration.
Recently, Saudi Arabia further solidified this relationship by extending a $3 billion deposit for another year to continue assisting Pakistan’s economy. This financial support plays a vital role in stabilizing and boosting Pakistan’s economic framework.
In addition, Saudi Arabia is a key source of remittances for Pakistan. Every year, millions of Pakistani expatriates working in Saudi Arabia send a portion of their earnings back home. These remittances are essential for Pakistani families, helping them cover living expenses, fund educational goals, and contribute to local economic growth.
Read More:
Bitcoin to PKR Rates for Feb 17
This mutually beneficial relationship strengthens the economic ties between the two nations, fostering a deeper interdependence. Saudi Arabia also remains a primary destination for Pakistani workers seeking employment opportunities. Many of these laborers exchange their Saudi Riyals for Pakistani Rupees (PKR) upon their return, contributing to the ongoing currency exchange activity between both countries.
In related financial news, the price of 24-karat gold in Saudi Arabia stood at SAR 4,050 per tola on Monday, February 17, 2025. According to Forex.pk, the cost of 10 grams of 24-karat gold is SAR 3,476, while the price of an ounce of gold is SAR 10,810. This reflects the stable yet active market in Saudi Arabia for precious metals, further illustrating the economic exchanges between the two countries.
Through these exchanges, both nations continue to support each other’s economic growth, ensuring a positive and reciprocal relationship in the years to come
