The Saudi Riyal (SAR) experienced a significant increase of more than four rupees against the Pakistani Rupee (PKR) as the Hajj flights commenced from Pakistan.
Following the departure of the first Hajj pilgrim flight, the SAR exchange rate in the open market surged to 81.82 rupees in Pakistan on Monday. This marked a notable rise compared to the previous week’s low when the SAR settled at 77.5 rupees on the same day.
The much-anticipated Hajj season commenced with the departure of Hajj flights from Karachi, Lahore, and Faisalabad on Sunday. Roughly 700 Hujjaj went for Hajj in initial flights. Estimated 180,000 Pakistani’s are expected to perform Hajj this Year. This is expected to create demand of 450 million Saudi Riyals equivalent to $120 Million. Keeping in view the weak reserves position of the country, this is expected to create difficulty for Hajj Aspirants as Riyal remain short in the market.
Meanwhile, the PKR is already facing depreciation against major currencies, including the dominant US dollar, due to prevailing political and economic instability.
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