Sending money home? UAE expats gain as Asian currencies slide

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. 

The Indian rupee opened marginally weaker on Wednesday, tracking losses across most Asian peers, with investors awaiting the Federal ​Reserve's policy decision after local market hours for clues on the ‌outlook for further rate hikes. Currently the Indian rupee is trading at Dh25.95 versus Dh25.92 in the previous session. Now, an expat will have to spend DH38.54 to get a Rs1000 in exchange.

The Philippine peso (PHP) has weakened further against the dirham, currently trading at Dh17.39 versus the Dh17.33 previously. President Ferdinand Marcos Jr. pledged that Philippine authorities will do all they can to defend the peso as the currency weakened to a record low this week.

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 08:30 am on October 28