On Saturday, November 23, 2024, the Saudi Riyal experienced a slight decline in Pakistan’s open market. The buying rate stands at Rs. 73.94, reflecting a decrease of 10 paisas, while the selling rate has also weakened, now at Rs. 74.35.
Saudi Arabia and Pakistan continue to foster a robust and long-lasting partnership, with collaboration spanning key sectors such as trade, energy, defense, and culture. This strong bond plays a crucial role in Pakistan’s economy, as Saudi Arabia remains one of the largest sources of foreign remittances and job opportunities for Pakistani citizens abroad.
For many Pakistanis, Saudi Arabia has long been the preferred destination for better employment prospects, especially in fields like construction, healthcare, hospitality, and retail. These workers contribute significantly to Pakistan’s economy by sending substantial remittances back home, supporting their families and communities.
Remittances from Saudi Arabia are vital for Pakistan’s foreign exchange reserves and play a major role in enhancing the living standards of numerous families. As the largest source of remittances to Pakistan, Saudi Arabia sends billions of dollars annually, which positively impacts poverty reduction, household welfare, and national development.
The exchange rate between the Saudi Riyal and the Pakistani Rupee reflects the economic relationship between the two countries, ensuring fair conversion rates for the remittances sent by millions of Pakistani workers in Saudi Arabia. A stable exchange rate is critical to protecting these workers’ hard-earned income from market volatility and fraudulent currency practices.
Beyond economic and labor ties, Saudi Arabia plays a significant role in shaping Pakistan’s foreign policy. Both nations share common interests in regional security, particularly in the Middle East, Afghanistan, and the global fight against extremism. Saudi Arabia has supported Pakistan through economic aid, concessional loans, and joint defense initiatives.
The cultural and religious connections between the two countries further strengthen their ties. As the home of Islam’s two holiest cities, Mecca and Medina, Saudi Arabia is a key destination for Pakistani pilgrims performing Hajj and Umrah each year, further deepening their shared commitment to Islamic values and traditions.
