Expats in the UAE are still benefiting from weak Asian currencies, as each dirham now converts into more when sent home. The Indian rupee, Philippine peso and Pakistani rupee are all trading close to their weakest levels in years.
The Indian rupee opened weaker against the dirham on Friday, supported by a retreat in the dollar and a sharp fall in US Treasury yields overnight. It was trading at Dh25.95, compared with Dh25.83 in the previous session. The figures show an expat now needs Dh38.71 to obtain Rs1,000.
Peso slide and oil prices weigh on Asian currencies
The Philippine peso has weakened further against the dirham, trading at Dh17.26 and unchanged from its previous close. Elevated oil prices are deepening losses across most emerging Asian currencies, with countries such as the Philippines facing soaring import costs.
The peso has slid more than 8 per cent this year, making it the biggest loser in Asia. Favourable rates are prompting households to weigh whether to lock in current levels or wait.
