Demand for Saudi riyals jumps by 30pc
The demand for Saudi riyals suddenly jumped by 30 per cent in the open market but the price remained stable, Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan said on Tuesday. “Buying of Saudi riyals usually starts before Ramazan for Umrah. Within three to four days, the buying of Saudi currency jumped 30pc, reflecting the rush for Umrah this year,” he said. Last year, a record 800,000 Pakistanis performed Umrah in Ramazan. Currency dealers said it is too early to assess the number of Umrah performers this year, but the sudden hike reflects an uptrend. The current price of Saudi riyal in the open market was in the range of Rs74.50 to Rs75 amid ample availability despite a spike in demand. “We export foreign currencies to Dubai and buy US dollars. The Saudi riyal constitutes about 60pc of the exportable foreign currencies,” said Mr Bostan. Per month export of foreign currencies is equal to about $30m. The open market is a big source of dollars and other foreign currencies while the commercial banks receive millions of dollars each working day. In January, exchange companies sold $300m to banks, Mr Bostan said.