KARACHI: April 14, 2022 – The buying and selling rates of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) were updated in the open market early Thursday morning. According to the latest update at 05:32 AM Pakistan Standard Time (PST), the following are the prevailing rates:
• Buying Rate: Rs 48.65 per Saudi Riyal
• Selling Rate: Rs 49.30 per Saudi Riyal
These exchange rates reflect the rates at which currency exchange companies and banks are buying and selling the Saudi Riyal in exchange for the rupee. The buying rate indicates how much a customer will receive in rupees when selling Saudi Riyals to an exchange company. Conversely, the selling rate shows how many rupees a customer will need to purchase one Saudi Riyal.
The parity between the rupee and the Riyal in the open market is determined by the forces of supply and demand for foreign currency. High demand for the Saudi Riyal, especially during the Hajj and Umrah seasons, often puts pressure on the rupee, causing it to depreciate slightly.
Fluctuations in international oil prices, remittance flows from overseas Pakistanis in Saudi Arabia, and regional economic stability also influence the Riyal–rupee exchange rate. The exchange rate plays a crucial role for individuals planning travel, performing religious pilgrimages, or sending remittances.
The State Bank of Pakistan (SBP) does not directly regulate open market exchange rates but closely monitors the market to ensure stability and transparency in currency trading practices. It is advised to check with reliable exchange companies or financial institutions for the most accurate and updated rupee–Riyal conversion rates before making transactions.