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.

The Indian rupee however, has been staging a strong recovery rally this week. It has got a boost from lower oil prices as India is a big importer of crude oil.

Brent crude slid below $90 a barrel for ​the first time since August on Tuesday after US officials played down ⁠the need for further military action against Iran, tempering fears of additional ​disruptions to Middle Eastern oil supplies.

The rupee is extending its recent gains on Wednesday as cheaper oil lends support. Higher US Treasury yields, which climbed after inflation outpaced forecasts, may limit the advance.

The currency opened at 93.73 per dollar on Nov 11. It closed at 93.93275 on Monday. Indian markets stayed closed on Tuesday for a local holiday. Now, an expat will have to spend Dh39.25 to get a Rs1000 in exchange.

The Philippine peso (PHP) has softened against the dirham, currently trading at Dh17.14 higher than its previous close. A surprise slowdown in the Philippine economy has triggered calls for the central bank to go easy on interest rate increases.

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 09:30 am on November 11