Saudi Riyal to PKR Rate Steady, Remittances Soar

The Saudi Riyal exchange rate remained unchanged against the Pakistani rupee on May 2, 2025, with a buying rate of Rs74.90 and a selling rate of Rs75.44, as Pakistan's workers' remittances reached an all-time high of $4.1 billion in March 2025.

The stability in the Saudi Riyal to PKR rate has been observed for four consecutive days, with the rate settling at Rs74.90 for buying and Rs75.44 for selling. This stability is crucial for Pakistan's economy, as remittances from Saudi Arabia have increased by 40% year-on-year, with a record $987 million sent in March 2025. The month-on-month rise from February 2025 was 33%, indicating a significant surge in remittances from Saudi Arabia.

Pakistan's strong diplomatic, cultural, and economic ties with Saudi Arabia have contributed to the increase in remittances. Saudi Arabia is a critical economic ally, and the remittances sent by Pakistani workers in Saudi Arabia have been steadily increasing. In February 2025, Pakistani workers in Saudi Arabia sent $744.4 million in remittances, a 2.21% increase from January and a 37.88% jump from February 2024.

Remittances remain a vital component of Pakistan's foreign exchange reserves and economic stability. The country's total liquid foreign reserves stood at $15.58 billion as of March 28, 2025, with the State Bank of Pakistan holding $10.68 billion. The increase in remittances is expected to further bolster Pakistan's foreign exchange reserves and support the country's economic growth.

The steady Saudi Riyal to PKR rate and the surge in remittances from Saudi Arabia are positive indicators for Pakistan's economy. As the country continues to strengthen its economic ties with Saudi Arabia, the inflow of remittances is expected to play a crucial role in supporting Pakistan's economic stability and growth.