UAE expats send home less per dirham as rupee, peso hold firm
Quick look at current exchange rates - as of October 16- against the UAE dirham
Dubai: Expats in the UAE might want to wait a little longer as Asian currencies have started to strengthen and so each dirham converts into a little lesser when sent home. The Indian rupee, Philippine peso and Pakistani rupee are trading near lows but have managed to lift up slightly, making this window for remittance longer.
The rupee has been gaining strength ever since the RBI decided to rein in the fait currency. Currently the Indian rupee is trading at Dh25.81 versus the Dh25.85 levels it closed at in the previous session. Now, an expat will have to spend DH38.74 to get a Rs1000 in exchange.
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Peso remains unchanged.
The Philippine peso (PHP) is back above the Dh17 mark coming in at DH17.11 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 09:00 am on October 16:
Indian rupee: 25.81 slightly stronger from yesterday's levels.
Pakistani rupee: 75.65, unchanged from yesterday's levels.
Philippine peso: 17.1, slightly stronger from yesterday's levels.
