October 02, 2024 (MLN): The exchange rates for Saudi Riyal (SAR) and UAE Dirham (AED) remained largely stable in today’s open market as the buying rate for Saudi Arabia Riyal (SAR) in Pakistan stood at Rs73.61, while the selling rate was Rs74.28.
Meanwhile, the buying rate of AED stood at Rs75.36 whereas the selling rate was Rs76.08.
Source: ECAP, Mettis Global
The stability in exchange rates portrays a steady economic environment, boosting the confidence of those engaged in cross-border trade and investment.
SAR
AED
Buying
Selling
Buying
Selling
02/10/2024
73.61
74.28
75.36
76.08
01/10/2024
73.61
74.27
75.36
76.08
In the interbank market, the Saudi Riyal closed at 73.97 with a loss of 4.18 paisa from its value of 74.02 a day ago while the U.A.E Dirham decreased in value by 1.35 paisa from 75.59 a day ago to 75.6.
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 (18%) have contributed over 53% to overall Pakistan’s remittances in August 2024.
