Pakistani Expatriates Monitor Saudi Riyal Exchange Rate

The exchange rate for the Saudi Arabia Riyal in Pakistan's open market on Wednesday was reported at Rs73.45 for buying and Rs74.2 for selling, according to forex.pk. This indicates a slight decrease of five paisas in the Riyal's value against the Pakistani rupee. The Saudi Riyal, symbolized as SAR or SR, serves as the official currency of Saudi Arabia and is divided into 100 halalas.

With a significant population of over 2.7 million Pakistani expatriates currently residing in Saudi Arabia for work or business purposes, the SAR to PKR exchange rate holds immense importance for them. As of the latest update on May 22, the exchange rate remains at Rs73.45, signifying that 500 Saudi Riyals are equivalent to Rs36,725 in Pakistani currency. Similarly, 1,000 Saudi Riyals would translate to Rs73,450 in Pakistani currency.

For individuals carrying Saudi Riyals in Pakistan, they have the option to visit banks or exchange companies to convert their SAR into PKR at the prevailing rate of Rs73.45 per Saudi Riyal in the open market.

Understanding the exchange rate between the Saudi Riyal and the Pakistani Rupee is crucial for Pakistani expatriates in Saudi Arabia and individuals involved in cross-border transactions. Keeping track of these rates can help in making informed decisions regarding currency conversions and financial transactions.