Send more money home as Asian currencies weaken

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.

The Indian rupee opened marginally stronger on Thursday, but in-line with losses that most of its Asian peers are witnessing. Currently the Indian rupee is trading at Dh25.89 versus Dh25.91 in the previous session. Now, an expat will have to spend DH38.62 to get a Rs1000 in exchange.

Peso softens

The Philippine peso (PHP) has weakened further against the dirham, currently trading at Dh17.31 versus the Dh17.35 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 08:45 am on October 29

• Indian rupee: 25.89 stronger from yesterday's levels.

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

• Philippine peso: 17.31, stronger from yesterday's levels.