Rupee, peso slide boosts UAE expat remittances

Dubai: Continued declines in Asian currencies are helping UAE expats make their money go further on remittances. The Indian rupee, Philippine peso and Pakistani rupee are all lingering near lows not seen in years.

The Indian rupee has opened weaker against the dirham on Friday, drawing support from a retreat in the dollar and a plunge in US Treasury ​yields overnight. Currently the Indian rupee is trading at Dh25.95 versus Dh25.9 in the previous session. Now, an expat will have to spend DH38.54 to get a Rs1000 in exchange.

Peso softens

The Philippine peso (PHP) has weakened further against the dirham, currently trading at Dh17.26 versus the Dh17.31 previously. Elevated oil prices are deepening losses across most emerging Asian currencies as nations like the Philippines face soaring import costs. The Philippine peso slid more than 8 per cent this year, the biggest loser in Asia.

For now, favorable rates are prompting households to reassess strategy, deciding whether to lock in current levels or wait for another shift in the market. (Check live forex rates here)

Current exchange rates as of 09:45 am on October 30

• Indian rupee: 25.95 weaker from yesterday's levels.

• Pakistani rupee: 75.65, unchanged from yesterday's levels.

• Philippine peso: 17.26, stronger from yesterday's levels.