Saudi Riyal skyrockets by over Rs4 as Hajj flights take off from Pakistan
May 22, 2023
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May 22, 2023 (MLN): The exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) witnessed a noticeable surge of over four rupees compared to the previous week's low as the Hajj flights started departing from Pakistan.
SAR in the open market skyrocketed to 81.82 rupees in Pakistan on Monday right after the first flight of Hajj pilgrims took off.
Last week on the same day, the exchange rate of SAR settled at 77.5 rupees in the Pakistani open market.
As the much-anticipated Hajj season begins, Hajj flights departed from Karachi, Lahore, and Faisalabad on Sunday, carrying more than 700 eager pilgrims toward the sacred destination of Madina.
PKR is already losing its ground against the mighty dollar and other notable currencies on the back of ongoing political and economic instability.