KARACHI – The buying and selling rates of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) in the open currency market were recorded on June 13, 2022, as follows:
• Buying Rate: Rs 53.15 per Saudi Riyal
• Selling Rate: Rs 53.95 per Saudi Riyal
These rates indicate the value at which the Rupee is exchanged for the Riyal in open market transactions. The buying rate reflects the price at which banks or currency exchange companies purchase one Saudi Riyal from customers. In contrast, the selling rate denotes the price at which they sell one Saudi Riyal to customers.
The exchange rate is influenced by the dynamics of supply and demand in the open market. Unlike interbank rates that are often regulated by central banks, open market rates fluctuate more frequently based on real-time trading activity. Higher demand for the Riyal, particularly during the Hajj and Umrah seasons, often leads to a stronger Riyal against the Rupee.
It is important to note that currency rates can change rapidly due to various factors such as economic indicators, political stability, remittance flows, and global oil prices—particularly in the case of the Riyal, given Saudi Arabia’s status as a major oil exporter.
As of the latest update at 07:33 AM Pakistan Standard Time (PST), these rates were current, but individuals and businesses dealing in foreign exchange should confirm real-time figures before executing any transactions involving the Rupee or Riyal.
Traders, importers, pilgrims, and overseas workers sending remittances are advised to stay informed about daily currency fluctuations. The Riyal-to-Rupee conversion is especially critical for those with financial commitments in Saudi Arabia or Pakistan.
Exchange companies may also charge service fees or offer slightly different rates based on transaction volume. Monitoring multiple sources can help customers secure better deals when converting Rupees to Riyals or vice versa.