Saudi Riyal, UAE Dirham exchange rates in Pakistan

October 09, 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 Rs73.52, while the selling rate was Rs74.17.

Meanwhile, the buying rate of AED stood at Rs75.37 whereas the selling rate was Rs76.06.

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.

In the interbank market, the Saudi Riyal closed at  73.94 with a gain of 2.51 paisa from its value of 73.92 a day ago while the U.A.E Dirham increased in value by 1.17 paisa from 75.6 a day ago to 75.59.

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. 

Source: SBP

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