KARACHI – Saudi Riyal exchange rate for Pakistani rupee stood at Rs74.37 on Wednesday, February 5, in open market after registering a slight decline of 02 paisas
The selling rate of the Saudi Riyal also weakened as it is being sold for Rs74.58 on the third 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
As of February 05, the Riyal rate is being traded at Rs74.37 in open market. So, the 1,000 Saudi Riyal will be equal to Rs74,370 in Pakistani currency.
A significant numbers of Pakistani expatriates reside in 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.
Both Islamic nations enjoy historic ties in various domains including economy. The kingdom has been supporting the South Asian country to boost its national economy through various financial cooperation.
A day earlier, Pakistan and Saudi Arabia signed an agreement for deferred payment for oil import worth $1.2 billion for one year.
Prime Minister Muhammad Shehbaz Sharif and Chief Executive Officer of Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad witnessed the signing of agreement.
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.
