MM News

On Monday, December 2, 2024, the Saudi Riyal remained unchanged in Pakistan’s open market. The buying rate stands at Rs. 74.01, while the selling rate remains at Rs. 74.41.

This stability in the exchange rates reflects the enduring economic ties between Saudi Arabia and Pakistan. As a key contributor to Pakistan’s foreign remittances, Saudi Arabia plays a vital role in supporting the Pakistani economy. Millions of Pakistani expatriates in Saudi Arabia continue to send remittances that help strengthen foreign exchange reserves and provide financial assistance to families in Pakistan.

The relationship between the two countries also extends into trade, energy, defense, and cultural exchanges, with shared religious and cultural values further deepening their connection. Saudi Arabia continues to be a central destination for Pakistani pilgrims.

While the current stability in the Riyal’s rate might not have an immediate significant impact, it underscores the dynamic nature of currency markets and their influence on remittance flows and broader economic activities.