Karachi, February 1, 2022 – The exchange rates for the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) have been updated in the open market.
As of 11:45 AM Pakistan Standard Time (PST) February 1, 2022, the buying rate of one Saudi Riyal is Rs 47.00, while the selling rate stands at Rs 47.50.
In currency exchange terms, the buying rate refers to the rate at which an exchange company or bank purchases foreign currency from a customer. Conversely, the selling rate is the rate at which an exchange company or bank sells foreign currency to a customer. These rates fluctuate based on market dynamics, influenced by the supply and demand for foreign currency.
The Saudi Riyal to Pakistani Rupee parity is determined by open market conditions. These conditions reflect the broader economic factors, including the foreign exchange reserves, remittances from abroad, and overall economic stability. The current rates suggest a slight adjustment from previous values, highlighting the market’s response to recent economic activities and trends.
The updated rates as of February 1, 2022 are crucial for several stakeholders. Individuals planning to travel to Saudi Arabia for business, pilgrimage, or leisure closely monitor these rates to maximize their currency exchange. Similarly, businesses engaged in import and export activities with Saudi Arabia consider these rates to manage their financial transactions efficiently.
Exchange companies and banks play a vital role in providing updated rates to their customers, ensuring transparency and facilitating smooth currency exchanges. These institutions use various factors, including the international exchange rate movements, domestic economic indicators, and geopolitical developments, to set their rates.
The open market rates also impact the remittance inflows from the Pakistani diaspora working in Saudi Arabia. These expatriates regularly send money back home, and favorable exchange rates mean higher PKR amounts for their families, contributing positively to the local economy.
As global markets remain volatile, it is expected that the Saudi Riyal to Pakistani Rupee exchange rate will continue to fluctuate. Market participants, including traders, investors, and policy-makers, will closely watch these changes to make informed decisions.
The latest exchange rates on February 1, 2022 for the Saudi Riyal against the Pakistani Rupee reflect the current market conditions. At Rs 47.00 for buying and Rs 47.50 for selling, these rates underscore the dynamic nature of currency markets. Stakeholders are advised to stay updated with the latest rates and consider the broader economic indicators when engaging in currency exchange activities.
