Remit now: How far does one dirham go for expats today?

Dubai: Expats in the UAE are still getting a boost from weak Asian currencies, as each dirham converts into more when sent home. The Indian rupee, Philippine peso and Pakistani rupee are sitting close to their weakest levels in years.

On Monday, the rupee opened at 94.93 per dollar, barely changed from 94.94 at the previous close. Costly crude and fading support from last week’s inflows pressured the currency. Currently the Indian rupee is trading at Dh25.97 versus unchanged since the previous session. Now, an expat will have to spend DH38.65 to get a Rs1000 in exchange.

Peso softens

The Philippine peso (PHP) has weakened further against the dirham, currently trading at Dh17.3 versus the Dh17.23 previously. Changes in oil prices impact the local currency because the Philippines imports most of its oil. Expectations that the US Federal Reserve may keep rates high have strengthened the US dollar.

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 09:15 am on October 27

• Indian rupee: 25.97 weaker from yesterday's levels.

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

• Philippine peso: 17.36, stronger from yesterday's levels.