The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) in the open market was updated at 12:08 PM Pakistan Standard Time (PST) on March 11, 2022.
As per the latest figures, the buying rate of one Saudi Riyal stood at Rs 47.15, while the selling rate was recorded at Rs 47.85 in Pakistani rupee.
The buying rate refers to the rate at which exchange companies or banks purchase Saudi Riyals from customers in exchange for Pakistani Rupees. Conversely, the selling rate is the price at which these financial institutions sell Saudi Riyals to customers who wish to acquire the foreign currency by paying in rupees.
The fluctuation in the value of the Saudi Riyal against the rupee is primarily influenced by the dynamics of demand and supply in the open currency market. The exchange parity between SAR and PKR is not fixed by the government or any regulatory body but rather determined by market forces. When demand for the Saudi Riyal increases—often due to higher travel for religious pilgrimages, overseas remittances, or trade-related transactions—the rupee may weaken, causing the price of the Riyal to rise. Similarly, when supply exceeds demand, the rupee tends to gain, and the Riyal becomes relatively cheaper.
The Pakistani rupee’s performance against the Saudi Riyal is also a reflection of broader economic indicators, such as foreign exchange reserves, remittance inflows from overseas Pakistanis, especially those working in Saudi Arabia, and macroeconomic policies in place at the time.
Investors, travelers, and remittance senders are advised to stay updated with real-time rates, as currency values can shift quickly due to geopolitical and economic developments.
In summary, on March 11, 2022, the open market rate for one Saudi Riyal was Rs 47.15 for buying and Rs 47.85 for selling in terms of the Pakistani rupee.