Saudi Riyal rose by four paisa in Pakistan’s open market, with its buying rate at Rs. 74.06 on Wednesday. The selling rate also saw a slight increase, standing at Rs. 74.44 on the third day of the business week.
Pakistan and Saudi Arabia share a long-standing, mutually beneficial relationship, with significant financial support from the kingdom. Saudi Arabia is a top source of remittances for Pakistan, playing a crucial role in the economy by supporting families across the country.
Millions of Pakistani expatriates in Saudi Arabia send substantial portions of their earnings home, helping families meet daily needs, fund education, and boost local economies. This strengthens the economic ties between the two nations.
Saudi Arabia is also a key destination for Pakistani workers, and many exchange Saudi Riyals for Pakistani Rupees upon returning home, fueling active currency exchanges.
Currency rates for the Saudi Riyal against the Pakistani Rupee are closely monitored, as they directly impact remittances and how much expatriates can send.
Beyond remittances, the partnership reflects broader cultural, political, and religious ties, with Saudi Arabia providing aid, security cooperation, and humanitarian support to Pakistan.
