Mubasher TV
Contact Us Advertising   العربية

Saudi riyal rises 14% against 11 foreign currencies

Saudi riyal rises 14% against 11 foreign currencies
Photo Credit: Arabianeye-Reuters

Riyadh-Mubasher: The Saudi riyal rose by an average of nearly 14% year-on-year compared with 11 foreign currencies at the end of January 2015.

The Saudi riyal climbed 20% against the euro and rose almost 15% against the yen compared with a year earlier, Al-Eqtisadiah newspaper reported.

The rise of Saudi riyal against the major currencies should reflect positively on the Saudi consumer, because of low prices of the kingdom’s imports from these countries.

Saudi Arabia’s imports reached SAR 47.5 billion in January, almost 24% of which was dominated by the European union.

The Saudi riyal soared 27% against the Swedish Korna, the highest growth rate compared to the other currencies.