Rupee, peso gain strength: Should you send money home now?

Dubai: Softness in Asian currencies continues to benefit UAE expats, who get more back home for every dirham they send. But a short-term comparison on a weekly basis would show you that your local currency has gained some strength. However, the Indian rupee, Philippine peso and Pakistani rupee still trade near multi-year lows.

The Indian rupee has opened weaker against the dirham on Friday, drawing support from a retreat in the dollar and a plunge in US Treasury ​yields overnight. Currently the Indian rupee is trading at Dh25.76 versus Dh25.85 in the previous session. Now, an expat will have to spend Dh38.82 to get a Rs1000 in exchange.

The Philippine peso (PHP) has gained some strength against the dirham, currently trading at Dh17.22 versus Dh17.26 at its previous close. Elevated oil prices are deepening losses across most emerging Asian currencies as nations like the Philippines face soaring import costs. The Philippine peso slid more than 8 per cent this year, the biggest loser in Asia.

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 03