UAE expatriates sending money to India, Pakistan and the Philippines are still seeing good exchange rates, with the Indian rupee, the Pakistani rupee and the Philippine peso staying at low levels compared to the UAE dirham.
As of8:15 amm on September 21, the Indian rupee was being traded at 26.06 for the dirham, down from 26.10 the day before. The Pakistani rupee was at 75.62, the same as the day before, while the Philippine peso dropped a little to 17.03 from 17.01.
For expatriates, more local currency units per dirham usually means more money is received by families and people at home before any transfer fees and other charges.
Indian rupee is still being watched closely.y
The Indian rupee has been moving around the 26 level compared to the dirham, giving UAE-based Indians conversion rates for sending money back home.
Exchange companies have said some customers are using a step-by-step plan, sending part of the money now and keeping the rest in case exchange rates get better.
This way people can avoid depending on one exchange rate when currencies are changing quickly.
Peso continues to face pressure.
The Philippine peso was listed at 17.03 against the dirham on Monday morning,g a little lower than the previous day.
The peso has been under pressure because of movements in global currencies, especially the US dollar. The UAE dirham is tied to the US dollar, so changes in the dollar can affect its value against currencies.
The Pakistani rupee stayed the same at 75.62.
Should expats send money now?
The current rates might look good for people who need to send money home. Currency markets can change in any direction.
For people with financial needs, breaking up the transfers instead of trying to guess the best time can be a way to deal with changes in exchange rates.
The final amount received also depends on the exchange company or the transfer service, including its fees, margins, and the rate they show.
With the rupee,e tpeso peso, and the Pakistani rupee at low levels compared to the dirham,h am UAE expatriates are still watching the market carefully before deciding whether to send their money right away or wait for another change in currency.