Major Gulf Cooperation Council currencies, which are pegged or backed by oil, recorded small but significant moves this week against South Asian currencies. Millions of expatriates from the Gulf region followed both interbank and open market rates, weighing the timing of their remittance payments to Pakistan, India and Bangladesh.
Among the currencies tracked, the Saudi Riyal and the UAE Dirham drew particular attention for their relative stability. The Kuwaiti Dinar, Qatari Riyal and Bahraini Dinar also showed steady positions against the Pakistani rupee, Indian rupee and Bangladeshi taka.
Saudi Riyal and UAE Dirham rates this week
The Saudi Riyal was relatively stable at approximately 73.80 to 73.92 Pakistani rupees in the interbank market. In open-market exchange outlets, it typically ranged from 74.00 to 74.40 rupees, a spread that kept the currency predictable for senders.
The riyal’s stability also continued against the Indian rupee. The Indian currency remained relatively tight with little movement, trading at about 22.40 to 22.50 to the riyal. Against the Bangladeshi taka, the riyal was around 32.00 to 32.20 taka, with strong demand for remittances pushing up values in that currency pair.
The UAE Dirham proved resilient against its South Asian partners. It traded between 75.35 and 75.60 rupees in Pakistani money exchanges for the week, gaining slightly over the period. Its strength against the Indian rupee was held within a range of 22.85 to 22.95, while the Dirham closed at 32.65 to 32.85 taka as demand for Middle Eastern trade and expatriate worker remittances stayed high.
Kuwaiti Dinar, Qatari Riyal and Bahraini Dinar rates
Other high-value Gulf currencies showed a similar pattern during the week. The Kuwaiti Dinar was worth anywhere from 882.00 to 894.00 rupees in Pakistani currency exchanges. It was valued at 274.00 to 276.00 Indian rupees in India and 390.00 to 393.00 taka in Bangladesh.
The remaining figures reported for the week were as follows:
- Qatari Riyal: about 75.80 to 76.25 rupees in Pakistan, 23.00 Indian rupees in Indian open markets, and 32.90 taka in Bangladesh.
- Bahraini Dinar: 732.50 to 738.40 rupees in Pakistani open markets, 223.50 Indian rupees in India, and 318.00 taka in Bangladesh.
These rates show that the Bahraini Dinar, like the Kuwaiti Dinar, carried a far higher value per unit than the riyals and dirham in each market.
Stable Gulf currency trends support migrant remittances
The weekly trends pointed to stable exchange conditions for Gulf currencies that are pegged to the US dollar. The steadiness of the Saudi Riyal, the UAE Dirham and other Gulf currencies makes them a more reliable conversion rate for South Asian migrant workers sending money home.
The analysis also noted that global macroeconomic adjustments and central bank interventions in foreign reserve management remain active factors. These forces continue to shape daily exchange rates across South Asia, even when individual Gulf currencies hold steady.
