Saudi Arabia Plays Key Role in Pakistan’s Remittances
On Wednesday, January 22, the Saudi Riyal (SAR) appreciated by four paisas in Pakistan’s open market. The buying rate is Rs74.30, and the selling rate is Rs74.50.
Saudi Arabia remains a pivotal player in Pakistan’s foreign remittances. In December 2024, overseas Pakistanis in Saudi Arabia sent remittances worth $770.6 million, reflecting a 6% increase from the previous month and a remarkable 33% rise compared to $577.6 million sent in the same month last year.
Date | Latest Exchange Rate | Change
January 22, 2025 | Rs. 74.30 | +4 paisas
The Saudi Riyal is the official currency of Saudi Arabia, abbreviated as SAR. One Riyal is divided into 100 halalas.
At Rs74.30, 1,000 Saudi Riyals equal Rs74,300 in Pakistani currency.
In addition to remittances, Saudi Arabia extended its $3 billion deposit with Pakistan for another year to help stabilize the economy. Moreover, Saudi Arabia’s mining fund, Manara Minerals, reportedly plans to purchase a 10-20% stake in Pakistan’s Reko Diq copper and gold project.
