The exchange rates for the Saudi Riyal (SAR), UAE Dirham (AED), and Qatari Riyal (QAR) against the Pakistani Rupee (PKR) remained steady in today’s trading session.
The Saudi Riyal had a buying rate of Rs73.52 and a selling rate of Rs74.16. The UAE Dirham followed closely, buying at Rs75.26 and selling at Rs75.96. Similarly, the Qatari Riyal held firm, with a buying rate of Rs75.77 and a selling rate of Rs76.47.
This stability in exchange rates reflects a stable economic environment, enhancing confidence among those involved in cross-border trade and investment.
| Currency | Date | Buying | Selling |
|---|---|---|---|
| SAR | 01/11/2024 | 73.52 | 74.16 |
| AED | 01/11/2024 | 75.26 | 75.96 |
| QAR | 01/11/2024 | 75.77 | 76.47 |
| SAR | 31/10/2024 | 73.52 | 74.15 |
| AED | 31/10/2024 | 75.27 | 75.97 |
| QAR | 31/10/2024 | 75.7 | 76.6 |
In the interbank market, the Saudi Riyal closed at Rs73.95, while the UAE Dirham stood at Rs75.62 against PKR.
Given the significant Pakistani diaspora in the Middle East, exchange rates for AED and SAR are crucial for remittances and business activities. The region plays a vital role as a key source of energy imports and foreign remittances for Pakistan. With an estimated 4.5 million Pakistanis living in the Middle East, the diaspora includes a range of professionals from business leaders and entrepreneurs to workers, bankers, and accountants.
In September 2024, Gulf countries like Saudi Arabia (24%) and the UAE (20%) accounted for over 54% of Pakistan’s total remittances.
