Soft Asian currencies boost remittances for UAE expats
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Dubai: Weakness in several Asian currencies is giving UAE expatriates better value for money when sending remittances home, with the Indian rupee, Philippine peso and Pakistani rupee all trading near multi-year lows.
The Indian rupee recently fell to around ₹25.79 against the UAE dirham, creating one of the strongest remittance opportunities for Indian expatriates in recent times. Exchange houses say many workers are now splitting their transfers, sending part of their money immediately while holding the rest in anticipation of further currency movements.
The Philippine peso has also remained under pressure, trading between 16 and 16.48 against the dirham. The weakness is driven by broader global market conditions that have weighed on the currency, particularly the strength of the US dollar, which indirectly impacts the dirham due to its dollar peg.
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