The Saudi Riyal depreciated by two paisas against the Pakistani rupee, reaching Rs74.40 in the open market on Saturday, February 8. The selling rate of the Riyal also saw a slight decline, standing at Rs74.63 on the sixth day of the new business week.
Millions of Pakistani expatriates in Saudi Arabia send substantial portions of their earnings back home each year, acting as a financial lifeline for their families. These funds support daily expenses, education, and local economies, further strengthening the economic bond between the countries.
Saudi Arabia is also a major destination for Pakistani workers seeking employment. Many of these workers convert their Saudi Riyals to Pakistani Rupees (PKR) upon returning home, highlighting the active currency exchange between the two nations.
In addition to remittances, the broader economic partnership between Pakistan and Saudi Arabia reflects deep cultural, political, and religious ties. Saudi Arabia remains a steadfast ally, offering economic aid, security cooperation, and humanitarian assistance to Pakistan.
