Islamabad, Feb 27: The Saudi Riyal (SAR) saw a slight depreciation against the Pakistani Rupee (PKR) in the open market, trading at Rs74.56 on Thursday, February 27, 2025. Similarly, the selling rate experienced a minor drop, settling at Rs75.08.
As the official currency of Saudi Arabia, the Saudi Riyal (SAR) is further divided into 100 halalas. Based on the latest exchange rate, 1,000 Saudi Riyals can be converted into Rs74,560 in Pakistan’s open market.
Impact of Remittances from Saudi Arabia
Saudi Arabia is home to a substantial population of Pakistani expatriates, who play a crucial role in boosting Pakistan’s foreign exchange reserves through remittances. In January 2025, remittances from overseas Pakistanis in Saudi Arabia totaled $728.3 million, marking a 5.5% decline compared to the previous month. However, this figure reflects a 24% increase from the $587.4 million recorded in January 2024.
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Pakistan-Saudi Arabia Economic Relations
Pakistan and Saudi Arabia continue to strengthen their economic and diplomatic ties, with the Kingdom playing a pivotal role in supporting Pakistan’s financial stability. In a recent development, both nations agreed to extend the deferred payment facility for oil imports valued at $1.2 billion for another year. This extension aims to bolster Pakistan’s energy security and ensure economic stability amid global financial challenges.
With the Saudi Riyal exchange rate fluctuating, Pakistani expatriates and businesses closely monitor currency trends to maximize their financial transactions. Economic cooperation between the two nations remains essential for trade, investment, and remittance inflows, ensuring mutual growth and stability.
