KARACHI – Omani Rial buying rate in Pakistan recorded no change as it stood at Rs726 while the selling rate is Rs734.5 on Thursday, March 20, in open market.
The Omani Rial is the official currency of Oman. It is abbreviated as OMR. One Riyal is subdivided into 1000 baisa.
The Omani Rial rate is being traded at Rs76 in open market. So, the 1,000 Omani Rial will be equal to Rs726,000 in Pakistani currency.
Oman is the third largest employer of Pakistani expatriates in GCC region after Saudi Arabia and the UAE and there are 360,000 Pakistanis working in Oman.
Pakistan receives more than $ 1 billion in remittances every year from Oman and Pakistani diaspora contributes greatly to the country’s foreign exchange.
Most of the Pakistanis are employed in the construction, oil & gas, manufacturing, logistics, wholesale and retail trade sectors. There are Pakistanis working in the healthcare, teaching, hospitality, banking and IT sectors as well, according to official statement.
Currency exchange rates fluctuates due to several key factors, determining the worth of a currency as compared to another.
Supply and Demand: The most fundamental factor is market demand for a currency. If more people or businesses need a currency for trade or investment, its value rises. If demand drops, the currency’s value falls.
Economic Indicators: Economic performance plays a crucial role. Strong indicators, such as low inflation, high GDP growth, and a trade surplus, tend to increase confidence in a country’s currency, boosting its value. Weak economic performance can have the opposite effect.
Political Stability: A country’s political environment affects investor confidence. Countries with stable governments and economic policies tend to see stronger currencies, while instability may lead to depreciation.
