KARACHI – Saudi Riyal registered slight gains against Pakistani rupee in open market as it stood at Rs74.72 on Wednesday, March 19, 2025.
The selling rate of the Riyal also moved up as it is being sold for Rs75.12 on the second day of new business week, according to Forex Association of Pakistan.
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.
Currency exchange rates are determined by a variety of factors such as economic situation and market sentiments. They reflect how much currency of a country is strengthened as compared to other country.
Following are the key factors that influence currency exchange rates:
Supply and Demand
The basic law of supply and demand plays a major role in determination of exchange rates. If more people want a currency, its value rises; if demand is lower, its value falls.
Foreign Exchange (Forex) market
The trends in Forex market is considered the largest and most liquid market in the world, and rates fluctuate based on how much traders are willing to buy or sell a currency.
Inflation Rates
Countries with lower inflation rates tend to have stronger currencies, as lower inflation means purchasing power is more stable. High inflation usually put pressure on a currency.
The other factors include political stability, economic performance, trade balance, central bank’s policies and others.
Remittances from Saudi Arabia to Pakistan in Feb 2025
Pakistan received $3.1 billion in wake of overseas Pakistani workers’ remittances in February 2025, registering an increase of 3.8% as compared to previous month of January 2025, according to data released by the State Bank of Pakistan (SBP).
Remittances increased by 38.6% on year-on-year basis, compared to $2.25 billion recorded in the same month last year.
Overseas Pakistanis living in Saudi Arabia remitted the largest amount in February 2025 as they sent $744.4 million during this period, up by 2.21% on monthly basis and 37.88% on yearly basis.
Gold Rates in Saudi Arabia
The price of per tola 24-karat gold in Saudi Arabia on Wednesday (March 18) reached historic high with latest rate standing at 4,210 SAR, according to forex.pk.
Furthermore, the 10 grams of 24-k gold is being sold for SAR 3,613 in the kingdom while the per ounce gold price stands at SAR 11,229.
