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Thursday, May 23, 2024

UAE Remittances Up as Rupees and Peso Slide: Timing Advantage

Remittances from UAE expatriates to India, Pakistan, and the Philippines have surged in August due to a substantial decline in their respective local currencies against the dirham.”There’s been a notable increase of nearly 10 percent in remittances to India, along with a similar rise in remittances to Pakistan this August,” shared a spokesperson from LuLu Exchange.

Additionally, remittances to the Philippines have shown a more than 10 percent increase. The spokesperson highlighted that the current market conditions present an advantageous time for expatriates to send money, offering good value for remitters.

As the Indian and Pakistani rupees, as well as the Philippine peso, continue to face pressure due to factors like rising US treasury yields and a weaker Chinese yuan, it’s anticipated that remittances from the UAE will likely surge.

The decline in these currencies prompts overseas Indians and non-resident Indians to send more money to their home countries while maintaining their host nation expenses.

While some financial experts predict further decline in these Asian currencies in the coming weeks, providing short-term gains for those delaying their remittances, others like Dubai-based Filipino financial advisor Susan Francisco disagree.

She emphasized that the needs of people in home countries must also be considered, especially as commodity prices rise. Francisco suggested that the higher value of dirhams benefits expatriates, allowing them to save the extra money gained from the favorable exchange rate.

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