Cheaper rupee, peso: Is now the time to send money home?

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 slightly weaker against the dirham on Wednesday. In fact it has extended its winning streak for fourth day, gaining 18 paise to 94.56 against the dollar.

The dollar fell against most major currencies on Wednesday ahead of results from US midterm elections, with investors bracing for a potentially strong Democratic showing.

Currently the Indian rupee is trading at Dh25.82 versus Dh25.77 in the previous session. Now, an expat will have to spend Dh38.77 to get a Rs1000 in exchange.

The Philippine peso (PHP) has gained some strength against the dirham, currently trading at Dh17.22 unchanged from its previous close. Elevated oil prices are deepening losses across most emerging Asian currencies as nations like the Philippines face soaring import costs.

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 November 04