Tuesday, April 16, 2024

Pakistani Rupee Devalue Against Saudi Riyal, Here’s Today Rate

The Saudi Riyal experienced a gain of 37.31 paisa, rising to 80.90 from the previous day’s 80.53. On August 21, 2023, the interbank SAR rate decreased by -0.36, reflecting a change of -2.75% within a month. Over this fiscal year, the Saudi Riyal declined by -2.97%, and since the beginning of the calendar year, it dropped by -19.02%. In a single day, the Saudi Riyal witnessed a decrease of -0.45%, and within a week, it fell by -2.94%. Over the past month, the Saudi Riyal’s value depreciated by -3.47%.

As of August 21, 2023, the open market buying rate for the Saudi Riyal stood at 80.90 PKR, while the selling rate was 81.50 PKR.

The Pakistani Rupee is currently struggling with substantial pressure due to ongoing political uncertainty surrounding the upcoming general elections. This uncertainty has caused instability within local markets. Another significant factor amplifying the rupee’s challenges is the recent removal of restrictions on letters of credit (LCs), which has driven up the demand for international currency.

Moreover, these challenges are particularly pronounced in the manufacturing sector. Importers in Pakistan are facing obstacles in obtaining necessary import permits, leading to a backlog of cargoes stranded at ports. This predicament stems from a scarcity of US dollars, which are indispensable for securing these permits.

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