Pakistani Rupee Remains Stable Against Major Middle Eastern Currencies

The Pakistani Rupee has continued to show resilience against major Middle Eastern currencies, with the Saudi Riyal, UAE Dirham, and Qatari Riyal seeing stable exchange rates against the Pakistani Rupee in recent days. This stability is a positive sign for Pakistan's economy, particularly in terms of energy imports and foreign remittances from the region.

As of November 2, 2024, the exchange rate in the open market stood at Rs 73.65 for one Saudi Riyal, with a buying rate of Rs 73.52 and a selling rate of Rs 74.16. Similarly, the UAE Dirham had a buying rate of Rs 75.26 and a selling rate of Rs 75.96, while the Qatari Riyal was bought at Rs 75.77 and sold at Rs 76.47. These stable exchange rates suggest a steady economic environment, leading to increased confidence among those engaged in cross-border trade and investments.

The Middle East is a vital source of energy imports and foreign remittances for Pakistan, with approximately 4.5 million Pakistanis living and working in the region, contributing around 54% to the country's overall remittances. This significant contribution highlights the importance of maintaining stable exchange rates with these countries, which has been achieved in recent days.

Going forward, it remains to be seen whether this stability will continue, and whether efforts will be made to capitalize on this positive trend. The Pakistani Rupee's stability against major Middle Eastern currencies is a critical factor in the country's economic growth and stability, and this will continue to be closely watched by economists and investors.