UAE expats are getting value for their money because the Indian Rupee, Pakistani Rupee and Philippine Peso are not doing well against the UAE dirham. In Dubai, people who live outside of their home countries are happy about the exchange rates. The Rupee, Pakistani Rupee and Philippine Peso are weak compared to the UAE dirham. This means that when people send money home, their families get money.
The Indian Rupee is close to its point against the UAE dirham. It was almost at 26 rupees for one dirham. This is news for Indian expats who want to send money home. On June 9, the Indian Rupee was at 25.94 rupees for one dirham. Some people are sending money home a little at a time to see if the exchange rate gets even better.
The Philippine Peso is also not doing well. It is at 16.71 pesos for one dirham. The peso is weak because of problems in the economy and because the US dollar is strong. The UAE dirham is tied to the US dollar. So when the peso is weak against the dollar, it is also weak against the dirham. This means that Filipinos in the UAE can send money home and get an exchange rate.
The Pakistani Rupee is at 76 rupees for one dirham. It has been at this level for a while. This is good for expats who want to send money home. Should you send money home now? Financial experts say it is not a good idea to try to time the currency market. Instead, you can send money home a little at a time.
The current exchange rates are good compared to the past.. Things can change because of what happens in the US economy and in the global market. If you need to send money for things like school fees or loan payments now might be a good time. If you do not need to send money right away you can wait and see what happens to the exchange rate.
On June 9 the exchange rates were:
- Rupee: 25.94 rupees for one UAE dirham
- Pakistani Rupee: 76 rupees for one UAE dirham
- Philippine Peso: 16.71 pesos for one UAE dirham
The UAE dirham is strong against many Asian currencies. This means that UAE expats have purchasing power when they send money home. The Rupee, Pakistani Rupee and Philippine Peso are still weak, so it is a good time for UAE expats to send money home.
