Saudi Riyal to PKR exchange rate

December 27, 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 today’s session, maintaining a largely stable trend.

Exchange companies quoted SAR at 73.85 for buying and 74.35 for selling. AED followed suit, with a buying rate of PKR 75.56 and a selling rate of PKR 76.05.

Similarly, QAR held its ground, bought at PKR 76.26 and sold at PKR 76.66.

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

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 serving as the primary source of energy imports and foreign remittances.

The Pakistani diaspora, which has around 11.5 million (as of November 2024) 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.

In November 2024, remittances from the Middle East played a dominant role in supporting Pakistan’s economy, accounting for approximately 46% of total inflows.

Saudi Arabia retained its position as the top contributor, with remittances soaring to $729.22mn with an impressive 34.15% increase year-on-year.

Following closely, the UAE emerged as the second-largest source as it sent $619.42mn, with a 50.44% jump compared to the same period last year.

Copyright Mettis Link News