As of August 19, Dh1 bought about ₹25.95, Rs75.65 and ₱16.78, giving UAE-based expats favourable rates for sending money home.
Dubai: UAE-based expatriates continue to benefit from favourable exchange rates as the Indian rupee, Pakistani rupee and Philippine peso remain weak against the UAE dirham.
The Indian rupee recently fell to a record low of ₹26.08 against the dirham, creating one of the strongest recent transfer windows for Indian expats sending money home. Exchange houses say some customers are splitting transfers, sending part of their money now while waiting to see whether currencies weaken further.
UAE dirham exchange rates on August 19
As of 8:11 am on August 19, the latest rates were:
- Indian rupee: ₹25.95 per Dh1, unchanged from Tuesday
- Pakistani rupee: Rs75.65 per Dh1, unchanged
- Philippine peso: ₱16.78 per Dh1, compared with ₱16.76 previously
The higher the number of local currency units received for each dirham, the more money an expatriate can send to their family for the same UAE amount.
Philippine peso remains under pressure.
The Philippine peso has remained weak against the dirham, recently trading around the 16 to 16.48 range. Global currency pressures, particularly movements in the US dollar, have weighed on the peso.
Because the UAE dirham is pegged to the US dollar, shifts in the dollar can also affect how Asian currencies move against the dirham.
For Philippine expats, the current exchange rate therefore offers a relatively favourable opportunity to remit money, although future movements remain uncertain.
Should expats send money now?
The recent currency weakness has encouraged some expatriates to avoid putting all their money into a single transfer.
A common approach is to send part of the amount at the current rate and hold the remainder for a potentially better rate. However, currency markets can move in either direction, so waiting does not guarantee a more favourable exchange rate.
For large transfers, even a small change in the exchange rate can make a noticeable difference to the amount received by families back home.
With the rupee, Pakistani rupee and peso remaining relatively weak, UAE expatriates currently have a favourable UAE dirham exchange rate for remittances.
Planning on remitting Indian rupee, Pakistan rupee or Philippine peso? Here’s how you can take advantage of remittance-beneficial rates and when.
Photo: Virendra Saklani/Gulf News
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