RIYADH: The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) remained unchanged at Rs74.20 in the open market on Saturday, February 15, 2025.
The selling rate of the Riyal also remained constant as it is being sold for Rs74.75 on the sixth day of the ongoing 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.
The partnership between Pakistan and Saudi Arabia is marked by a long-established and mutually beneficial alliance, underscored by considerable financial assistance from the kingdom.
Last month Saudi Arabia also extended a $3 billion deposit placed with Pakistan for another year to continue bolstering the economy of the South Asian country.
Each year, millions of Pakistani expatriates working in Saudi Arabia send substantial portions of their earnings back to Pakistan.
Read more: Gold rates in Saudi Arabia – 13 February, 2025
These remittances are crucial financial resources that allow families to manage daily living costs, support educational pursuits, and invigorate local economies.
This financial interdependence further strengthens the economic connections between the two nations.
Moreover, Saudi Arabia serves as a key destination for Pakistani labourers seeking job opportunities.
Upon their return, many of these workers exchange Saudi Riyals for Pakistani Rupees (PKR), reflecting the active currency transactions that take place between the two countries.
On the other hand, the 24-karat gold rates in Saudi Arabia reached 4,068 Saudi Riyal (SAR) per tola on Saturday, February 15, 2025.
According to details from Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,492. Additionally, the price for an ounce of gold is SAR 10,860.