December 12, 2024 (MLN): The exchange rates for the Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) showed minor movements against the Pakistani rupee (PKR) in Friday’s session, maintaining a largely stable trend.
Exchange companies quoted SAR at 73.73 for buying and 74.25 for selling. AED followed suit, with a buying rate of PKR 75.45 and a selling rate of PKR 76.00.
Similarly, QAR held its ground, bought at PKR 76.04 and sold at PKR 76.61.
Exchange rate stability portrays a steady economic environment, boosting the confidence of those engaged in cross-border trade and investment.
Currency
12-Dec-24
11-Dec-24
1D
1M
FYTD
CYTD
Bid
Ask
Bid
Ask
SAR
73.73
74.25
73.71
74.25
0.00
0.00%
0.11
0.15%
0.4339
0.58%
1.4726
1.98%
AED
75.45
76
75.43
76
0.00
0.00%
0.0304
0.04%
0.3731
0.49%
1.3058
1.72%
QAR
76.04
76.61
76.04
76.6
-0.01
-0.01%
-0.0362
-0.05%
0.3427
0.45%
1.2803
1.67%
Change is on Ask price
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 the primary source of energy imports and foreign remittances.
The Pakistani diaspora, which has around 4.5 million members in the Middle East, represents the entire spectrum of Pakistani society, from business leaders, entrepreneurs, and white and blue-collar workers to bankers and chartered accountants.
During the month, Saudi Arabia held the top spot, contributing $729.22 million. This figure was up 34.15% compared to a year ago.
The second biggest inflow was from UAE as they sent $619.42m during November, up 50.44% YoY.
