Rupee, peso soften: What UAE expats now get for each dirham?

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 rupee has been gaining strength ever since the RBI decided to rein in the fait currency. Currently the Indian rupee is trading at Dh25.8 versus unchanged since the previous session. Now, an expat will have to spend DH38.76 to get a Rs1000 in exchange.

Peso softens

The Philippine peso (PHP) is back above the Dh17 mark coming in at DH17.09 slightly higher than its previous close. 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 08:00 am on October 21:

• Indian rupee: 25.8 flat from yesterday's levels.

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

• Philippine peso: 17.09, unchanged from yesterday's levels.