Saudi Riyal Rate in Pakistan - SAR to PKR Exchange Rate History

The official currency of Kingdom of Saudi Arabia is Riyal. Riyal has remained the currency even before the name Saudi Arabia came into existence. Besides The Kingdom of Saudi Arabia, Riyal has remained the currency of The Kingdom of Hejaz for the time period 1916 to 1925. The short form of Saudi Riyal is SR. One riyal equals 100 halalas. Like most of the currencies, Saudi Riyal is also pegged to US Dollar currently at the rate 1 USD equals 3.75 SR.

Exchange Rates of SAR to PKR

Because of the religious connection, the ties between The Kingdom of Saudi Arabia and Islamic Republic of Pakistan have always remained very cordial and obliging. Pakistan is considered to be Saudi Arabia’s closest Muslim ally. A large number of Pakistani’s throughout the year keep visiting the holy cities of Mecca and Medina. Pakistan has also been helping Saudi Arabia with its defense requirements, being a nuclear power. Even during the war with India, Saudi Arabia stood by Pakistan’s side and in 1971 opposed the creation of Bangladesh. Saudi Arabia has also bestowed Pakistan a lot of aid in educational and religious sector. It has been aiding Pakistan in construction of multiple mosques and madrassas. The famous Faisal Mosque of Islamabad was named after King Faisal of Saudi Arabia. Even the city Lyallpur was named Faisalabad in 1977, in the honor of King Faisal.

The exchange rate in Pakistan for Saudi Riyal is a lot but it is still much less than many of high valued currencies like Dollar and Euro. In the previous years the exchange rate between PKR and SAR was as low as 1 SAR equaled 22.19 PKR. Today the SAR to PKR rate is Rs. 41.8. With passing years it has kept on increasing in numbers giving a tough time to Pakistan’s economy. Majority of the petroleum in Pakistan is imported from Saudi Arabia and taking into account that exchange rate is increasing, not only the price of fuel is escalating but costs of other things associated with it like clothing, food etc are also multiplying in numbers. With the change of government in Pakistan in 2018, it is anticipated that Pakistan and Saudi Arabia relations would improve since hopefully it would become a third teammate in the China-Pakistan Economic Corridor project. Consequently trade relations would improve leading to lowering of currency exchange rates.

Today Riyal Rate in Pakistan is Rs. 41.8, yesterday rate was Rs. 41.7. The SAR to PKR change every hour. History of KSA Riyal to Pakistan Rupee of last 30 days is given on this page.

Currency Profile

The currency code known globally for Saudi Riyal is SAR. Symbol for the currency is ﷼. Like AED, the most in demand exchange rate for Saudi Riyal is in Indian Rupee i.e. SR to INR since Indians make up the largest population of expatriates in The Kingdom of Saudi Arabia so the money conversion between SAR and INR keeps on taking place in foreign exchange markets and on money exchange stalls. The inflation rate of Saudi Riyal is - 0.20%. The bank responsible for keeping the flow of Saudi Riyal going in local and international foreign exchange markets is Saudi Arabian Monetary Agency. Riyal Bank notes mostly used are 1 ﷼, 5 ﷼, 10 ﷼, 20 ﷼, 50 ﷼, 100 ﷼ and 500 ﷼. Coins frequently used by the locals and travelers are 5 halala, 10 halala, 25 halala, 50 halala, 100 halala, 1 riyal and 2 riyal.

History of Saudi Riyal

Before 1925, the value of Saudi riyal was tied to 20 Ottoman Kurus coin for which the term Qirsh was used in Arabic. First time in 1935, coins were supplied in the kingdom as the official currency. Till 1960, one Riyal remained equivalent to 20 qirsh. In 1963, the term ‘Halala’ surfaced and 1 Riyal equaled to 100 halalas at that time.

Saudi Arabian Monetary Agency took an initiative back in 1953, where they began to issue the Hajj Pilgrims receipts for 10 Riyals. Later on in 1954 and 1956, the agency started issuing 1 and 5 Riyals as well. These receipts resembled the original bank notes and were introduced solely for the convenience of Hajj Pilgrims who had to get their currency exchanged. These receipts after gaining popularity across Kingdom of Saudi Arabia after some time replaced the silver coins that were being used in the financial transactions. In 1961, the monetary agency started the regular issuance of the bank notes for general use. In 1965, the Hajj Pilgrim receipts were completely stopped being issued. In 1983, 500 Riyal note was brought into being. In 2000, one the hundredth anniversary of Kingdom of Saudi Arabia, the Saudi Arabian Monetary Agency started to issue 20 and 200 Riyal banknotes as well. The bank notes kept on changing in appearance over time. The fifth series that was issued in 2007 had the face of King Abdullah on it. In 2016, the sixth series was released that bore the face of King Salman Bin Abdul Aziz Al Saud.