Islamabad, Feb 13: The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) saw a slight depreciation, settling at Rs74.2 in the open market on Thursday, February 13, 2025.
Meanwhile, the selling price of the Riyal remained steady at Rs74.75 on the fourth business day of the week.
The Saudi Riyal (SAR) is the official currency of Saudi Arabia, often denoted as SR. Each Riyal is further divided into 100 halalas.
Pakistan and Saudi Arabia share a longstanding and strategically important relationship, strengthened by significant financial aid from the kingdom. This partnership extends beyond economic assistance to deep-rooted cultural and labor ties.
In a move to support Pakistan’s economy, Saudi Arabia recently extended a $3 billion deposit for another year, reinforcing financial stability in the South Asian nation.
A major aspect of this economic interdependence is the remittances sent by millions of Pakistani expatriates employed in Saudi Arabia. These remittances play a crucial role in sustaining household expenses, funding education, and boosting local economies in Pakistan.
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Saudi Arabia remains a prime destination for Pakistani laborers in search of employment. Upon their return, many workers exchange their earnings from Riyals into Pakistani Rupees, contributing to a dynamic currency exchange market between the two countries.
In addition, the gold market in Saudi Arabia saw a slight increase in rates. The price of 24-karat gold climbed to 4,077 SAR per tola on Thursday, February 13, 2025.
According to Forex.pk, the price of 10 grams of 24-karat gold in Saudi Arabia currently stands at SAR 3,499, while an ounce is priced at SAR 10,885.
