Karachi – The Saudi Riyal is exhibiting a firm stance in the local exchange markets today, mirroring its importance in Pakistan’s energy security framework.
The interbank market is currently operating with a buying rate of Rs. 74.32 and a selling rate of Rs. 74.46 for the Riyal. In the open market, the rates are slightly higher, with a buying value of Rs. 74.60 and a selling value of Rs. 75.50.
Given that Saudi Arabia is a major source of Pakistan’s oil imports, the Riyal’s exchange rate is a determining factor in the national energy bill. Any significant volatility here would ripple through the economy in the form of transport and manufacturing costs.
Currently, the stable Riyal is helping the government manage the energy price shock, while the strong inflow of remittances from the Kingdom continues to provide a vital buffer for the country’s external account and overall macroeconomic stability.
