Remit now: What expats get for every dirham they send 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, despite a few rebound attempts.

On Monday, the rupee hit a six-month high of 93.69 per dollar, extending last week's rally of more than ​1% but closed slightly lower at 93.9275, from the previous ​close at 93.9050. And since the UAE Dirham is pegged to the dollar, those price actions are reflected in the local currency too.

Indian foreign ‌exchange markets are closed on Tuesday on the occasion of Diwali. However, the currency rate used today will be according to the last close, where the Indian rupee closed at Dh25.5. Now, an expat will have to spend Dh39.22 to get a Rs1000 in exchange.

The Philippine peso (PHP) has softened against the dirham, currently trading at Dh17.12 lower 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 08:45 am on November 10