The exchange rate for the Saudi Arabian Riyal (SAR) in Pakistan remained steady on Saturday, May 18, 2024. In the open market, the buying rate for SAR was unchanged at Rs73.5, meaning that one Saudi Riyal was being bought for 73.5 Pakistani Rupees.
On the other hand, the selling rate for SAR was Rs74.25, indicating that exchange dealers were selling one Saudi Riyal for 74.25 Pakistani Rupees.
This slight difference between the buying and selling rates is known as the bid-ask spread, which represents the profit margin for currency exchange dealers.
It’s important to note that exchange rates for the Saudi Arabian Riyal can fluctuate constantly due to various economic factors such as supply and demand, inflation, and global market conditions.
However, on this particular day, the rates remained stable, providing a predictable environment for individuals and businesses dealing with SAR transactions.
Pakistani individuals working in Saudi Arabia or conducting business with Saudi Arabia benefit from a stable exchange rate, which provides them with a sense of security and predictability when sending or receiving remittances or conducting international trade.
Conversely, significant changes in the exchange rate can impact the value of their transactions, affecting their finances and business operations. The stability of the exchange rate is maintained by the efforts of currency exchange dealers.