Remit now: What does each dirham fetch expats back home?

Dubai: Softness in Asian currencies continues to benefit UAE expats, who get more back home for every dirham they send. The Indian rupee, Philippine peso and Pakistani rupee are all trading near multi-year lows.

Asian currencies mostly firmed against the dollar. The Thai baht gained 0.42 per cent, and the Philippine peso rose 0.36 per cent. The Japanese yen and Malaysian ringgit each climbed 0.29 per cent, while the South Korean won added 0.18 per cent and the Singapore dollar edged up 0.08 per cent.

The Indian rupee has gained strength against the dirham on Thursday. In fact it has extended its winning streak for fifth day, gaining 29 paise to 94.35/dollar at open as crude oil tumbled. The dollar fell against most major currencies on Wednesday post the democratic sweep in the US midterm elections.

Currently the Indian rupee is trading at Dh25.67 versus Dh25.69 in the previous session. Now, an expat will have to spend Dh38.96 to get a Rs1000 in exchange.

The Philippine peso (PHP) has gained some strength against the dirham, currently trading at Dh17.14 higher than 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 05