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Wednesday, March 19, 2025

Home Featured Saudi Riyal rate dips against Pakistani rupee – 12 February 2025

Saudi Riyal rate dips against Pakistani rupee – 12 February 2025

by Our Correspondent
February 12, 2025
in Featured, Forex Rate

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KARACHI – Saudi Riyal exchange rate weakened against Pakistani rupee in open market as it stood at Rs74.25 on Wednesday, February 12, 2025.

The selling rate of the Riyal also registered decline as it is being sold for Rs74.80 on the third day of the new business week.

Riyal is the official currency of the Kingdom of Saudi Arabia and it is abbreviated as SAR, or SR. One Riyal is subdivided into 100 halalas.

Saudi Riyal to PKR Rate Today

Today, the Saudi Riyal buying rate stands at Rs74.25 in open market of Pakistan. So, the 1,000 Saudi Riyal can be exchanged for Rs74,250 in Pakistani currency.

Pakistan and Saudi Arabia have long-standing close relations besides engaging in cooperation in various domains. The Kingdom has been providing financial support to Pakistan in challenging times.

Recently, Pakistan and Saudi Arabia signed an agreement for deferred payment for oil import worth $1.2 billion for another one year.

Prime Minister Shehbaz Sharif and Chief Executive Officer of Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad witnessed the signing ceremony.

This agreement will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.

Meanwhile, Saudi Arabia hosts a significant number of Pakistani expatriates who sent huge remittances to their home country,

In December 2024 only, overseas Pakistanis living in the kingdom remitted the largest amount to the tune of $770.6 million. The amount was up 6% on a monthly basis, but 33% higher than the $577.6 million sent by the expatriates in the same month of the previous year.