Islamabad, Feb 22: The Saudi Riyal (SAR) maintained its upward trajectory against the Pakistani rupee in the open market, appreciating by four paisas to reach Rs74.55 on Saturday, February 22, 2025.
According to market sources, exchange companies are offering the selling rate at Rs75.07, reflecting increased demand for the currency.
Understanding the Saudi Riyal (SAR)
The Saudi Riyal (SAR) serves as the official currency of Saudi Arabia and is symbolized as SAR or SR. It is further divided into 100 halalas.
As of today, the open market exchange rate for 1 SAR in Pakistan stands at Rs74.55, meaning 1,000 Saudi Riyals can be exchanged for Rs74,550. The currency remains a key player in Pakistan’s forex market, especially due to remittances from overseas workers.
Remittance Trends from Saudi Arabia
Pakistani expatriates in Saudi Arabia sent $728.3 million in remittances during January 2025, marking a 5.5% decline compared to the previous month. However, this figure represents a 24% increase from $587.4 million recorded in January 2024.
The steady flow of remittances from Saudi Arabia plays a significant role in supporting Pakistan’s foreign exchange reserves and stabilizing the rupee. With thousands of Pakistanis employed in Saudi Arabia, remittances remain a crucial source of income for many families back home.
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Saudi Arabia and Pakistan share deep-rooted economic and diplomatic relations. The Kingdom has historically extended financial assistance to Pakistan, ensuring economic stability in times of need.
Recently, both nations signed an agreement to extend the $1.2 billion deferred payment facility on oil imports for another year. This deal aims to secure Pakistan’s energy needs while easing pressure on foreign exchange reserves.
With the Saudi Riyal’s strong performance and continued financial cooperation between the two countries, Pakistan’s economic partnership with Saudi Arabia remains a vital factor in its financial landscape.
