On Thursday, the Saudi Riyal experienced an uptick in Pakistan’s open market, with the buying rate rising to Rs. 74.05 and the selling rate strengthening to Rs. 74.45.
Saudi Arabia and Pakistan continue to enjoy a strong and enduring partnership, marked by cooperation in trade, energy, defense, and culture. This relationship is crucial for Pakistan’s economy, as Saudi Arabia remains one of the largest sources of foreign remittances and employment opportunities for Pakistani nationals abroad.
For many Pakistanis, Saudi Arabia has long been a preferred destination for better job prospects. It remains a key employer of Pakistani migrant workers, particularly in sectors such as construction, healthcare, hospitality, and retail. These workers play an essential role in Pakistan’s economy by sending significant remittances back home to support their families.
Remittances from Saudi Arabia are vital for Pakistan’s foreign exchange reserves and help improve the living standards of many families. As Pakistan’s largest source of remittances, Saudi Arabia sends billions of dollars annually, which has a positive effect on poverty alleviation, household welfare, and overall national development.
The exchange rate between the Saudi Riyal and the Pakistani Rupee reflects the economic ties between the two nations, ensuring a fair conversion rate for the remittances sent by millions of Pakistani workers in Saudi Arabia. A stable exchange rate is crucial to protecting these workers’ hard-earned income from market fluctuations or fraudulent currency practices.
Beyond economic and labor connections, Saudi Arabia plays a key role in Pakistan’s foreign policy. Both countries share common concerns on regional security, particularly in relation to the Middle East, Afghanistan, and the global fight against extremism. Saudi Arabia has supported Pakistan with economic aid, concessional loans, and joint defense initiatives.
The cultural and religious bond between the two countries further strengthens their relationship. As the home of Islam’s two holiest cities, Mecca and Medina, Saudi Arabia is a major destination for Pakistani pilgrims performing Hajj and Umrah annually, deepening their shared commitment to Islamic values and traditions.
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