The Saudi Riyal and the Pakistani Rupee are two of the most widely traded currencies in the world. The SAR is the official currency of Saudi Arabia, while the PKR is the official currency of Pakistan. The two countries have close economic and cultural ties, and there is a significant flow of trade and investment between them. As a result, the SAR/PKR currency pair is one of the most important in the world.In this blog, we will look at the conversion rate of SAR to PKR and how different factors affect it.
| Currency | Pakistani Rupee | Saudi Riyal |
|---|---|---|
| Country of Origin | Pakistan | Saudi Arabia |
| Symbol | Re. or Rs. | SR |
| Currency Code | PKR | SAR |
| Denominations | Rs. 10/-, Rs. 20/-, Rs. 50/-, Rs. 75/-, Rs. 100/-, Rs. 500/-, Rs. 1,000/- and Rs. 5,000/- | 5 riyals, 10 riyal, 1 riyals, 50 riyals, 500 riyals, 100 riyals |
| Issuing Entity | State Bank Of Pakistan | Saudi Central Bank |
| In Circulation Since | 1948 | 1935 |
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Current Exchange Rate
On April 22, 2024, the SAR to PKR (Saudi Riyal to Pakistani Rupee) exchange rate was around 1 Saudi Riyal, equivalent to 74.26 Pakistani Rupees, meaning that one Saudi Riyal could be traded for 74.26 Pakistani Rupees.
Open Market Conversion Rate
The open market conversion rate for 1 SAR to PKR is PKR 74.26, with varying buying and selling rates in the interbank and open market. The SAR to PKR rate has decreased by Rs0.37 in recent open market trading.
History Between SAR & PKR
The Saudi Riyal and the Pakistani Rupee have been intertwined for decades, and SAR is majorly trading at a slight premium to PKR.
However, the relationship between the two currencies has become more volatile in recent years. This is due to a number of factors, including the economic growth of the two countries, the price of oil, and political stability.
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| Year | Major Currency Development |
| 1970s | The SAR and the PKR at a rate of 1 SAR = 5 PKR |
| 1980s | The SAR began to appreciate against the PKR due to the strong economic growth of Saudi Arabia. |
| 1990s | The SAR continued to appreciate against the PKR due to the high price of oil. |
| 2000s | The SAR/PKR exchange rate became more volatile due to the global financial crisis and the political instability in Pakistan. |
| 2010s | The SAR/PKR exchange rate continued to be volatile due to Pakistan’s economic growth and the fluctuating oil price. |
| 2020s | The Pakistani Rupee has been strengthening against the Saudi Riyal due to a number of factors, including increased exports, remittances, foreign investment, and improved economic conditions. |
Factors Affecting The Exchange Rate
Economic Growth: How well Saudi Arabia and Pakistan’s economies are doing affects their money exchange rate. When Saudi Arabia’s economy is strong, more people want Saudi Riyals, which can make SAR worth more than PKR.
Interest Rates: The rates that Saudi Arabia and Pakistan’s banks set for borrowing money also matter. If Saudi Arabia has higher rates, people may prefer to keep Saudi Riyals, making SAR worth more than PKR.
Oil Prices: Saudi Arabia sells a lot of oil, and when oil prices are high, more people want Saudi Riyals, which can make SAR more valuable compared to PKR.
Political Stability: How stable the governments are in Saudi Arabia and Pakistan is also important. If there’s political trouble in either country, their currency might lose value.
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Conclusion
Several factors affect the exchange rates of a country. The Saudi Riyal to Pakistani Rupee exchange rate has fallen from 76.52 PKR per SAR on August 1, 2023, to 73.96 PKR per SAR on October 16, 2023. This means that the Pakistani Rupee has appreciated by approximately 2.6% against the Saudi Riyal over the past two months.
Strengthening the Pakistani Rupee is a positive development for the Pakistani economy. It will make imports cheaper for Pakistani businesses and consumers and make Pakistani goods and services more competitive in international markets.
However, it is important to note that the SAR/PKR exchange rate is volatile and can fluctuate depending on a number of factors. Investors and businesses should carefully monitor the exchange rate before making any decisions.
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FAQs
What is the current value of 1 Saudi Riyal in Pakistani Rupees as of 2024?
As of 2024, 1 SAR is equivalent to 74.26 PKR.
What is contributing to the strengthening of PKR?
The Pakistani Rupee (PKR) has shown significant improvement in recent days, thanks in part to a crackdown on illegal dollar outflows. Exporters have been selling dollars in large quantities in the interbank market as they are concerned about potential further devaluation.
Is it possible to use SAR directly in Pakistan, or must it be converted to PKR beforehand?
Generally, you’ll need to convert SAR to PKR when in Pakistan since SAR is not commonly used for payments in the country.
Is it possible to convert SAR to PKR at an airport or hotel?
While airports and hotels do provide currency exchange services, they might offer less favourable exchange rates and higher fees. Generally, it’s advisable to consider exchanging currency at a local bank or exchange bureau for better rates.
Are there any charges for converting SAR (Saudi Riyal) to PKR (Pakistani Rupee) at a bank or currency exchange service?
When converting SAR to PKR at a bank or exchange service, there may be fees or slightly varied rates. It’s wise to compare the associated fees and rates before proceeding with the currency exchange.
How frequently do SAR (Riyal) to PKR (Pakistani Rupee) exchange rates fluctuate?
Exchange rates between SAR and PKR can often change within a single day, influenced by market dynamics. It’s recommended to consult a trustworthy source for the most current exchange rates.
How can I locate a dependable SAR to PKR currency conversion tool?
You have several options, including online currency conversion websites and mobile apps. Alternatively, you can inquire at your local bank for precise exchange rate information.
Which are the best conversion tools for SAR to PKR?
The best conversion tools for SAT to PKR are:
- Forex.pk
- Forbes
- ClearTax
- Xe
What is SAR in the world of currencies?
SAR is the official currency of Saudi Arabia, also known as Saudi Riyal.
