The Saudi riyal (SAR) maintained its rate of Rs77.54 against the Pakistani rupee (PKR) as the business day began on September 26, 2023.
This exchange rate was reported as the interbank rate, the rate at which banks trade currencies at the start of the day.
However, as the day unfolds, it's worth noting that this rate might fluctuate, driven by the ever-changing demand for foreign currency in the market.
So, it's a good idea to keep an eye out for any updates on the closing exchange rate, which will be officially provided by the State Bank of Pakistan (SBP) at the end of the business day.
For those who follow currency exchanges closely, it's common knowledge that the open market rate often edges slightly higher than the interbank rate offered by banks when individuals buy or sell foreign currencies.
Another interesting nugget of information is that all incoming remittances to customers' bank accounts are credited based on these interbank rates.
So, the SAR to PKR rate plays a significant role in the lives of many people who rely on remittances from abroad.