KARACHI – Saudi Riyal exchange rate strengthened against Pakistani rupee as it stood at Rs74.42 on Friday, February 7, in open market.
The selling rate of the Riyal also surged as it is being sold for Rs74.65 on the fifth day of the new business week.
The Saudi riyal is the official currency of Saudi Arabia. It is abbreviated as SAR, or SR. One Riyal is subdivided into 100 halalas.
SAR to PKR Today
Today, the Riyal rate is being traded at Rs74.42 in open market. So, the 1,000 Saudi Riyal can be exchanged for Rs74,420 in Pakistani currency.
Earlier this week, Pakistan and Saudi Arabia signed an agreement for deferred payment for oil import worth $1.2 billion for the period of one year.
Prime Minister Shehbaz Sharif and Chief Executive Officer of Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad witnessed the signing ceremony.
The prime minister welcomed the signing of Oil Import Financing Facility according to which Pakistan will receive the oil on deferred payment.
This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.
Pakistani expatriates make a major chunk of total population of Saudi Arabia, becoming a major source of remittances.
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.
Pakistan enters $1.2 Billion deferred oil payment deal with Saudi Arabia for economic relief
