SAR to PKR Rate Steady on February 19, 2025
The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) remained unchanged in the open market on Wednesday, February 19, 2025. The Riyal was traded at Rs74.2, while the selling rate also held steady at Rs74.75, marking the third consecutive day of stability in the business week.
The Saudi Riyal, abbreviated as SAR or SR, is the official currency of Saudi Arabia and is subdivided into 100 halalas. Its stability against the PKR reflects the strong economic ties between Saudi Arabia and Pakistan, which have been bolstered by decades of partnership and financial cooperation.
Saudi Arabia has been a key ally of Pakistan, providing significant financial support to strengthen the South Asian nation’s economy. Recently, the Kingdom extended a $3 billion deposit placed with Pakistan for another year, reaffirming its commitment to supporting Pakistan’s economic stability. This financial assistance plays a vital role in addressing Pakistan’s balance of payments and fostering economic growth.
Millions of Pakistani expatriates work in Saudi Arabia, contributing significantly to both economies. These workers send substantial remittances back to Pakistan, which serve as a crucial financial lifeline for their families. These funds help cover daily living expenses, support education, and stimulate local economies, further strengthening the economic interdependence between the two nations.
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Additionally, Saudi Arabia remains a primary destination for Pakistani laborers seeking employment opportunities. Upon their return, many workers exchange Saudi Riyals for Pakistani Rupees, highlighting the active currency transactions that occur between the two countries.
In related financial news, the price of 24-karat gold in Saudi Arabia saw an increase on the same day. According to Forex.pk, the rate for one tola of 24-karat gold was recorded at SAR 4,120. Meanwhile, 10 grams of 24-karat gold was being sold at SAR 3,536, and the price for one ounce of gold stood at SAR 10,998.
The steady exchange rate of the Saudi Riyal against the Pakistani Rupee on February 19, 2025, underscores the stability in the financial relationship between the two nations. With ongoing remittances, financial assistance, and labor exchanges, the economic ties between Saudi Arabia and Pakistan continue to thrive, benefiting both countries and their citizens.
