Pakistan's Open Market Remains Stable as Saudi Riyal Rates See No Significant Change

The Saudi Riyal (SAR) has remained relatively stable in Pakistan's open market for the past couple of days, with a slight depreciation in the current day, as of December 05, 2024. The current buying rate of the Saudi Riyal is Rs 73.96, and the selling rate is Rs 74.09, a minor drop from the previous day's rates. This stability comes as a significant relief to Pakistani expatriates who rely on these rates to send remittances back home.

The previous day saw a depreciation of SR against PKR. The market witnessed a slight fluctuation in buying and selling rates, with the appreciation being marginal. Contextually, the previous day saw SR at Rs 73.99 (buying) and Rs 74.12 (selling) in the open market. Essentially, no considerable change is observed from the previous day's SR value against PKR.

The Saudi Riyal is an essential currency for remittances to Pakistan, and the stability in its value allows Pakistani expatriates to send money back home at more favorable exchange rates. In this context, the ongoing demand from Pakistani nationals working abroad has led to the stability in SR rates, facilitating a more stable economy for the nation. This internal demand coupled with foreign exchange factors grant Pakistan strength to maintain efficiency on revenue inflow from workers working in the Middle East, neighboring countries, and Central Asia, assisting directly with tampering cross border prices in domestic market and pull up reserves.

The PSX also continues its upward trend, with the KSE 100 index reaching a record high, indicating that the national economy remains resilient. However, caution is required to not institutionally reminisce about this fluid geopolitics if forecasts also revealed multi republic data lowered exist.