The Saudi Riyal appreciated by three paisas in Pakistan’s open market, with its buying rate rising to Rs. 74.04 on Friday. The selling rate also increased by three paisas, reaching Rs. 74.43 on the fifth day of the business week.
Pakistan and Saudi Arabia share a longstanding, mutually beneficial relationship, bolstered by significant financial support from the kingdom. Saudi Arabia is a top source of remittances for Pakistan, providing critical economic assistance to families nationwide. The steady flow of remittances underscores the deep ties between the two nations and serves as a vital component of Pakistan’s economy.
Every year, millions of Pakistani expatriates working in Saudi Arabia send a significant portion of their earnings back home. These remittances act as a financial lifeline, helping families cover daily expenses, fund education, and contribute to local economies. This financial connection strengthens the economic bond between the two countries.
Saudi Arabia is also a prominent destination for Pakistani workers seeking employment opportunities. Many of these workers exchange Saudi Riyals for Pakistani Rupees (PKR) upon returning home, highlighting the ongoing currency interactions between the two nations.
To support these exchanges, currency rates for the Saudi Riyal against the Pakistani Rupee are closely tracked in the open market. Exchange rates directly influence the value of remittances, impacting how much expatriates can send back to their families. Financial institutions and currency exchange businesses in Pakistan monitor these rates to ensure accurate and timely information for customers.
Beyond remittances, the strong economic ties reflect a broader partnership between Pakistan and Saudi Arabia. The two countries share cultural, political, and religious bonds, collaborating across various sectors. Saudi Arabia has consistently been a key ally, extending support to Pakistan through economic aid, security cooperation, and humanitarian assistance.
