Saudi Riyal Steady, Boosts Pakistan Economy
The steady exchange rates and increased remittances have boosted confidence in Pakistan's economy, with the country receiving nearly $35 billion in workers' remittances during the first 11 months of FY 2024-25, and are expected to continue supporting the economy in the coming months.
The exchange rates for Saudi Riyal, UAE Dirham, and Qatari Riyal against the Pakistani Rupee remained relatively stable on June 13, 2025, with minor movements, indicating a steady economic environment and boosting confidence in cross-border trade and investment.
The current exchange rates showed the Saudi Riyal being quoted at 75.30 for buying and 76.05 for selling, while the UAE Dirham was at 77.00 for buying and 77.80 for selling. The Qatari Riyal remained unchanged at 76.50 for buying and 77.50 for selling. This stability in exchange rates is significant, especially considering the importance of remittances from the Middle East in supporting Pakistan's economy.
Remittances from Saudi Arabia and the UAE have played a crucial role in Pakistan's economic stability, with Saudi Arabia seeing a 25% increase in remittances year-on-year, retaining its position as the top contributor. The UAE Dirham has also strengthened against the Pakistani Rupee, with 1 AED reaching Rs77.04 in the open currency market on June 14, 2025, and the selling rate standing at Rs77.77. Analysts attribute this change to steady remittance flows ahead of Eid-ul-Adha and relatively stable macroeconomic indicators.
Overseas Pakistanis in the UAE sent $754.2 million in remittances in May 2025, securing the second top position. Workers' remittances from overseas to Pakistan grew by 28.8% during the first 11 months of FY 2024-25, reaching nearly $35 billion. This significant increase in remittances is a testament to the steady economic environment and the confidence of overseas Pakistanis in the country's economy.
The stability in exchange rates and the increase in remittances are positive indicators for Pakistan's economy, and the country is likely to continue benefiting from the steady flow of remittances from the Middle East, particularly from Saudi Arabia and the UAE.