KARACHI: The buying rate for the Omani Rial against the Pakistan Rupee (PKR) remains unchanged at Rs 720, whereas the selling rate was recorded at Rs 728.5 in the open market on Tuesday, December 31, 2024.
The information obtained from the currency website revealed that the OMR has stabilised and has not appreciated in value relative to the Pakistani rupee in the open market.
Conversion of 500 and 1000 OMR to PKR
On December 31, the prevailing exchange rate suggests that 500 Rial is equivalent to Rs.360,000 whereas 1,000 OMR amounts to Rs.720,000 in Pakistani currency.
It is also important to highlight that the exchange rate of Rs 720 per OMR in the open market holds considerable significance for the large Pakistani expatriate population living in Oman, which is estimated to number approximately 250,000 individuals involved in various employment or business ventures.
Currency rates in Pakistan today
This substantial community of Pakistani expatriates contributes significantly to both the Omani economy and the economy of Pakistan through their various professional engagements, ranging from skilled labor to entrepreneurial activities.
The conversion rate between the Omani Rial and the Pakistani Rupee plays a crucial role in financial dealings, especially concerning remittance transfers and the conversion of income into Pakistani Rupees.
In addition to remittances, the exchange rate also influences the expatriates’ ability to engage in business ventures, invest in property, or save for future needs. As many Pakistani expatriates seek to establish a financial foothold in both Oman and Pakistan, understanding and navigating the complexities of the exchange rate becomes essential for effective financial planning and investment strategies.
