Pakistani Rupee rises further against Saudi Riyal
Shares
The Pakistani Rupee has maintained its winning streak against the Saudi Arabian Riyal in the market, seeing a decrease of six paisas. The new exchange rate for the Saudi Riyal now stands at Rs74.49, compared to the previous closing rate of Rs74.55 on Monday.
As of Wednesday, the conversion rate from 1 Saudi Riyal to Pakistani Rupees (PKR) is now PKR 74.49 in the interbank market. It's worth noting that the buying and selling rates for Saudi Riyal to PKR can differ between the interbank market and the open currency exchange market. In interbank trading, the Saudi Riyal to Pakistani Rupee has seen a decrease of Rs0.6.
In addition to these currency market developments, Saudi Minister of Energy, Prince Abdulaziz bin Salman, emphasized the importance of maintaining stability and reducing volatility in the oil market. He stated that such stability would foster global economic growth and prosperity.
Prince Abdulaziz made these remarks during his address at the 7th Future Investment Initiative (FII7) forum in Riyadh, where he highlighted that the global volume of oil trade amounts to $2 trillion.
He reaffirmed the enduring role of oil and gas in the global energy mix for the coming years, citing major oil company deals as evidence that hydrocarbons will remain significant.
Prince Abdulaziz further expressed the Kingdom's commitment not just to energy transition but to serving as a model for developing a carbon economy based on hydrocarbons for many years to come.
