KARACHI: The Saudi Riyal declined against the Pakistani Rupee in the interbank and open markets on May 25, 2023. The closing exchange rate for the Saudi Riyal was Rs 76.2035, down from Rs 76.4432 on May 24, 2023.
Every weekday, from Monday to Friday, the State Bank of Pakistan diligently unveils the closing interbank exchange rate between the Saudi Riyal and the Pakistani Rupee. In the days leading up to today, the Saudi Riyal exhibited a marginal increase in value, maintaining rates of Rs 76.0145, 76.454, and 76.526.
However, to the surprise of market participants, the Saudi Riyal experienced a decline in value compared to the Pakistani Rupee today, culminating in a closing rate of Rs 76.2035. The decline in the value of the Saudi Riyal is likely due to a number of factors, including the weakening of the Saudi Arabian economy and the increasing demand for the Pakistani Rupee.
The decline in the value of the Saudi Riyal is likely to have a negative impact on the Pakistani economy. Pakistanis who travel to Saudi Arabia for work or pilgrimage will now have to pay more for their travel expenses. Additionally, the decline in the value of the Saudi Riyal could make it more difficult for Pakistani businesses to import goods from Saudi Arabia.
The Pakistani government is likely to take steps to address the decline in the value of the Saudi Riyal. The government could intervene in the foreign exchange market to buy Saudi Riyals and sell Pakistani Rupees. Additionally, the government could raise interest rates to make it more attractive for Pakistanis to save their money in Pakistani Rupees.
The decline in the value of the Saudi Riyal is a significant development for the Pakistani economy. The government will need to take steps to address the decline and mitigate its impact on the economy.
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