Riyal, Dirham exchange rates in Pakistan

October 14, 2024 (MLN): Reflecting the stability in the currency market, the exchange rates for the Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) against PKR remained firm in today's session. 

The buying rate for the Saudi Riyal stood at Rs73.45, while it sold at Rs74.11. The UAE Dirham followed suit, with a buying rate of Rs75.25 and a selling rate of Rs75.97.

Similarly, the Qatari Riyal held its ground, bought at Rs76.24 and sold at Rs76.66.

The stability in exchange rates portrays a steady economic environment, boosting the confidence of those engaged in cross-border trade and investment.

In the interbank market, the Saudi Riyal closed at 73.94 with a loss of 5.06 paisa from its value of 73.99 a day ago while the U.A.E Dirham decreased in value by 4.37 paisa from 75.59 a day ago to 75.63.

Since a significant portion of the Pakistani diaspora resides in Middle Eastern countries, the exchange rates of PKR against AED and SAR are closely monitored for remittances and business transactions.

The Middle East region has been serving as the primary source of energy imports and foreign remittances.

Pakistani diaspora of around 4.5 million in the Middle East represents the entire spectrum of Pakistani society, ranging from business leaders, entrepreneurs, and white and blue-collar workers, to bankers and chartered accountants.

The Gulf countries including the Kingdom of Saudi Arabia (24%) and the United Arab Emirates (20%) have contributed over 54% to overall Pakistan’s remittances in September 2024. 

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