Saudi Riyal to PKR exchange rate

November 05, 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 73.52 for buying and 74.16 for selling. AED followed suit, with a buying rate of PKR 75.26 and a selling rate of PKR 75.96.

Similarly, QAR held its ground, bought at PKR 75.73 and sold at PKR 76.63.

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

In the interbank market, the Saudi Riyal closed at 73.96 while the U.A.E Dirham rose to 75.64 against PKR. 

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 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.

The Gulf countries including the Kingdom of Saudi Arabia (25%) and the United Arab Emirates (19%) have contributed about 54% to overall Pakistan’s remittances in the first quarter of FY25.

Copyright Mettis Link News