Pakistani Rupee rises further against Saudi Riyal
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The Pakistani Rupee has been on a winning streak against the Saudi Arabian Riyal in the market, with a notable increase of 51 paisas. This surge has led to a new exchange rate for the Saudi Riyal, which now stands at Rs73.75, in contrast to the closing rate observed on Monday, which was Rs74.26.
It's important to note that the conversion rate for 1 SAR to PKR is currently at PKR 73.75 in the open market. However, it's worth mentioning that Saudi Riyal to PKR buying and selling rates may differ in the interbank, currency exchange, or open market rates. Notably, the Saudi Riyal to Pakistani Rupee rate has decreased by Rs0.51 in open bank trading.
In a separate development, Saudi Crown Prince Mohammed bin Salman made a significant announcement during the opening ceremony of "The New Global Sport Conference" in Riyadh. He declared the launch of the Esports World Cup, an annual mega-event scheduled to make its debut in the summer of 2024.
This grand tournament has a strategic aim, which is to position Saudi Arabia as the foremost global hub for gaming and esports. This initiative represents a substantial commitment by the Kingdom to diversify its economy and boost the tourism and entertainment sectors.
