Dubai: Expatriates from the UAE who send money back to their home countries are still getting deals because of good exchange rates. The Indian rupee, the Philippine peso, and the Philippine peso are all weak compared to the UAE dirham. This makes every remittance more valuable.
The Indian rupee has been near its lowest point in many years. It recently reached 26.08 rupees for one UAE dirham. This is one of the times for Indian expatriates to send money. Some money exchange companies say their customers are dividing their transfers. They send some money now. Wait to see if the rates get better.
The Philippine peso has also been struggling. It is in a range compared to the dirham. This is happening because of problems in the economy and politics. Since the UAE dirham is linked to the US dollar, changes in the US dollar affect the peso exchange rates.
At the time, the Pakistani rupee has stayed stable but is still weak. This means people from Pakistan living in the UAE can still get value from their remittances.
Exchange rates (as of 10:07 am on July 23)
rupee: 26.23 per UAE dirham (a little weaker than 26.19 the day before)
Pakistani rupee: 75.67 per UAE dirham (no change)
Philippine peso: 16.75 per UAE dirham (no change)
Financial experts say the current rates are a good chance for people who send money regularly. However, those who think the currencies might get weaker might want to spread out their transfers of sending all the money at once. With the exchange rates still good, many people living in the UAE are thinking about their plans for sending money. They want to make sure they get the value for the money they send to their families back home.
