Dirham’s dollar peg gives UAE expats a remittance edge

Dubai: Softness in Asian currencies tends to benefit UAE expats, who get more back home for every dirham they send. The Indian rupee, Philippine peso and Pakistani rupee are all trading near multi-year lows.

The rupee started November 12 slightly weaker to the dollar. A pickup in foreign equity inflows offset some of the pressure from a stronger dollar, which has climbed to a one-month high.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.63% to 102.85, its highest level since October 14.

The Indian rupee started trading at 93.73 per dollar, down 4 paise from the last close of 93.69. In terms of dirham conversion, the Indian rupee is currently trading at Dh25.5. Now, an expat will have to spend Dh39.22 to get a Rs1000 in exchange.

Peso gains strength

The Philippine peso (PHP) has softened against the dirham, currently trading at Dh17.14 higher than its previous close. A surprise slowdown in the Philippine economy has triggered calls for the central bank to go easy on interest rate increases.

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 09:30 am on November 11

• Indian rupee: 25.48 stronger than its previous levels

• Pakistani rupee: 75.8, unchanged from yesterday's levels.

• Philippine peso: 17.14, weaker from yesterday's levels.