On August 15th, 2023, the Pakistani rupee experienced a notable decline against the Saudi Riyal.
This drop can be attributed to the relaxation of restrictions on letters of credit (LCs), resulting in heightened demand for the dollar and subsequently depreciation of the Pakistani rupee. In addition, Pakistan’s susceptibility to rising international oil prices in recent weeks, owing to its dependence on imported oil, has further impacted the value of domestic currency.
According to the statistics revealed, the Saudi Riyal has witnessed an impressive hike of 81.52 paisa, rising from Rs. 78.55 to Rs. 79.36 within a single day. The rupee also faced decline in its rate against other foreign currencies today.
