ISLAMABAD – Pakistan has expressed solidarity with Saudi Arabia in the wake of statements made against the Kingdom after the Organization of the Petroleum Exporting Countries (OPEC) decisided to cut oil production.
In a statement, the Foreign Office said on Tuesday that Pakistan appreciated the concerns of Saudi Arabia for avoiding market volatility and ensuring global economic stability.
Reaffirming Pakistan's long-standing, abiding and fraternal ties with the Kingdom, the Foreign Office said Pakistan encourages a constructive approach on such issues based on engagement and mutual respect.
The development comes nearly a week after US President Joe Biden warned Saudi Arabia of consequence as tension heightened following the OPEC+’s decision about reducing oil production,
Biden issued the warning on Tuesday, last week, a day after Democratic Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, called for freezing all cooperation with the kingdom, including sale of arms
In an interview with CNN's Jake Tapper, the US president said that he would not discuss what options he was considering.
"I'm not going to get into what I'd consider and what I have in mind. But there will be -- there will be consequences," Biden said.
White House press secretary Karine Jean-Pierre revealed that a review of policy about relations with Saudi Arabia will be conducted, however, she stayed away from giving a timeline for action
Reports said that the US had been lobbying to convince its partner to not cut the oil production as Biden is struggling to keep the prices unchanged ahead of midterm elections.
However, the US officials failed to bridge gap between Biden and Saudi Crown Prince Mohammad Bin salman as both are already at odds over the killing of a Saudi journalist Jamal Khashoggi.
A US official said that the Biden administration will not overlook the Iran as the US is major supplier of arms to Saudi Arabia.
Pakistani rupee remains stable against US dollar in the open market on 29 March, 2024.
In the open market, the US dollar was being quoted at 278.3 for buying and 281.05 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 278.3 | 281.05 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.70 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.46 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.7 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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