UAE dirham strengthens remittances amid Asian currency declines

Favorable exchange rates benefit UAE expats sending money to India, Pakistan, and the Philippines

The UAE dirham’s strength against several Asian currencies is providing a boost to expatriates in the UAE who are remitting money back home. As of October 23, the Indian rupee, Pakistani rupee, and Philippine peso continue to trade at low levels against the dirham, offering favorable exchange rates for remittances.

The Indian rupee remains stable at Dh25.8 per 1000 rupees, unchanged from the previous session. Meanwhile, the Pakistani rupee is trading at Dh75.65, and the Philippine peso stands at Dh17.09 against the dirham.

These rates have prompted many expatriate households to reassess their remittance strategies, considering whether to lock in current rates or wait for potential shifts in the market. The decline in these currencies is partly due to external factors such as changes in oil prices and expectations of high US interest rates.

Source: https://gulfnews.com/your-money/saving-investment/dirham-gains-on-rupee-peso-weakness-should-expats-remit-now-1.500301712