KARACHI – The Saudi Riyal Exchange Rate for the Pakistani rupee stood at Rs 74.37 in the open market after registering a minor reduction of 02 money on Wednesday, February 5.
Saudi rial sales also weakened as it is being sold for Rs 74.58 on the third day of the new trading week.
Saudi riyals are Saudi Arabia’s official currency. It has been allocated as SAR, or SR. One rial is divided into 100 halals.
From today to PKR
As of February 05, the rial rate is being raised at Rs 74.374..37 in the open market. Therefore, 1,000 Saudi riyals will be equal to Rs 74,370 in Pakistani currency.
A significant number of Pakistani immigrants lives in Saudi Arabia, which becomes a major source of remittances.
In December 2024 alone, Pakistanis living in the state raised the highest amount of 70 770.6 million. On a monthly basis, the amount was more than 6 %, but in the same month of last year, the migrants sent by migrants were 7577.6 million more than 33 %.
Both Islamic countries enjoy historical relations in various domains, including the economy. The state is supporting the South Asian country to promote its national economy through various financial support.
A day ago, Pakistan and Saudi Arabia signed a delayed payment agreement for importing oil worth $ 1.2 billion for one year.
Prime Minister Muhammad Shahbaz Sharif and Chief Executive Officer of the Saudi Fund for Development (SFD) Sultan Abdullah Al -Rashid witnessed the signing of the agreement.
The Prime Minister welcomed the signing of the oil import facility, which said that Pakistan would receive oil on the delayed payment.
The project will strengthen the stable supply of petroleum products and strengthen Pakistan’s economic flexibility while reducing the financial burden.
