Saudi Riyal Sees Slight Drop Against Pakistani Rupee on November 23, 2024

Karachi: On Saturday, November 23, 2024, the Saudi Riyal experienced a minor dip in the Pakistani market. The buying rate decreased to 73.94 Pakistani Rupees, reflecting a 10-paise drop, while the selling rate also fell to 74.35 Pakistani Rupees.
The relationship between Saudi Arabia and Pakistan remains strong and enduring, centered around cooperation in key areas such as trade, energy, defense, and culture. This robust partnership plays a significant role in Pakistan’s economy, particularly as Saudi Arabia is one of the largest sources of remittances and employment opportunities for Pakistani nationals abroad.
Saudi Arabia has long been a preferred destination for many Pakistanis seeking better job opportunities, especially in sectors like construction, healthcare, hospitality, and retail. These workers make substantial contributions to Pakistan’s economy by sending remittances that support their families and communities.
The remittances from Saudi Arabia are vital for Pakistan’s foreign exchange reserves and have a direct positive impact on improving the quality of life for many families. Saudi Arabia remains the largest source of remittances to Pakistan, sending billions of dollars annually, which significantly contributes to national development, poverty reduction, and domestic welfare.