The Saudi Riyal (SAR) experienced a minor decline of one paisa against the Pakistani rupee in the open market, with the exchange rate standing at Rs74.57 on Saturday, March 1, 2025.
The selling rate of the Riyal also edged lower, being traded at Rs75.09 across various exchange companies.
The Riyal is the official currency of the Kingdom of Saudi Arabia and is abbreviated as SAR or SR. One Riyal is subdivided into 100 halalas.
The exchange rate for the Saudi Riyal in Pakistan’s open market stands at Rs74.57. This means that 1,000 Saudi Riyals can be exchanged for Rs74,570 in Pakistani currency.
Remittances from Saudi Arabia
A large number of Pakistani expatriates reside in Saudi Arabia, working in various sectors and contributing to Pakistan’s economy through remittances. These inflows play a crucial role in strengthening the country's forex reserves.
During January 2025, overseas Pakistanis in Saudi Arabia sent $728.3 million in remittances. While this marked a 5.5% decline on a monthly basis, the amount was 24% higher compared to the $587.4 million remitted in January 2024.
Pakistan-Saudi Arabia Economic Ties
Pakistan and Saudi Arabia share strong economic and diplomatic relations, with the Kingdom extending financial assistance to Pakistan in critical times.
Recently, both nations signed an agreement for a $1.2 billion deferred oil payment facility for another year, providing much-needed economic relief to Pakistan.
