KARACHI – The rate of buying Omani rial in Pakistan has changed unchanged as it stood at Rs 726, while the sale rate was Rs 73734.5 in the open market on Wednesday, March 19.
Omani is the official currency of Oman. It has been allotted as OMR. One rial is divided into 1000 Baisa.
Omani rial rates are being priced at Rs 76 in the open market. Therefore, 1000 Omani rial will be equal to Rs 726,000 in Pakistani currency.
Oman is the third largest employer of Pakistani immigrants in the GCC region after Oman Saudi Arabia and the United Arab Emirates and 360,000 Pakistanis are working in Oman.
Pakistan receives more than $ 1 billion every year from Oman and Pakistani Daspura, which contributes to the country’s foreign exchange.
Most Pakistanis work in the fields of construction, oil and gas, manufacturing, logistics, wholesale and retail trade. According to the official statement, Pakistanis are also working in health care, teaching, hospitality, banking and IT sector.
The currency exchange rate fluctuates due to several key factors, which determines the value of the currency compared to another.
Supply and demand: The most basic factor is the demand for the currency market. If more and more people or businesses need currency for trade or investment, its price increases. If the demand decreases, the price of the currency falls.
Economic indicators: Economic performance plays an important role. Strong indicators, such as low inflation, high GDP growth, and commercial surplus, increase confidence in a country’s currency, which increases its price. Weak economic performance can have the opposite effect.
Political stability: The political environment of a country affects investors’ confidence. Stable governments and countries with economic policies see strong currencies, while instability can lead to depression.
