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Saudi Minister Almubarak sees strong investment prospects in Pakistan

Pakistan, Saudi Arabia Investment Forum underway in Islamabad

11:22 AM | 6 May, 2024
Saudi Minister Almubarak sees strong investment prospects in Pakistan

ISLAMABAD – Pakistan, Saudi Arabia Investment Forum kickstarted as Asian nation looking to get massive investment from Kingdom to boost its ailing economy.

During the investment talks, Saudi Deputy Investment Minister Ibrahim Almubarak said Pakistan holds significant economic, investment, and business potential. He highlighted Riyadh's belief in economic prospects of Pakistan, citing its demographic, geographic, and natural resource advantages.

Almubarak said both sides hold strategic partner which is rooted in shared faith, culture, and values.

He called this conference an opportunity to deepen understanding of Pakistan's investment potential, expressing confidence in elevating the partnership between both countries.

Meanwhile, Pakistan's Finance Minister Muhammad Aurangzeb reiterated the current government's commitment to support private sector for export-led growth.

He highlighted positive economic indicators, including 5pc growth in agriculture GDP and a stable local currency, with inflation decreasing to approximately 17pc. He expressed confidence in reducing the current account deficit to less than a billion dollars and mentioned increased foreign buying in the Pakistan Stock Market.

Aurangzeb also discussed plans for a larger and longer IMF program, aiming for macroeconomic stability and structural reforms.

Meanwhile, Minister for Petroleum Musadik Masood Malik stressed the need for collaboration between the private sectors of both countries to diversify the economy and add value. He emphasized cooperation in sectors like mines and minerals, tourism, and agriculture, suggesting participation in infrastructure development for mutual prosperity. 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 21 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 21, 2024 (Friday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.6 280.75
Euro EUR 297  299.5 
UK Pound Sterling GBP 350.5  354 
U.A.E Dirham AED 74.80  75.6
Saudi Riyal SAR 72.75 73.5
Australian Dollar AUD 181.2 183
Bahrain Dinar BHD 740.91 749.18
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.11 40.51
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.62 916.62
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 28.83 29.13
Omani Riyal OMR 723.62 731.62
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.08 317.58
Thai Bhat THB 7.59 7.74

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