Russia-Ukraine conflict: Indian, Pakistan rupee plunge; should UAE expats remit?

Russia-Ukraine conflict: Indian, Pakistan rupee plunge; should UAE expats remit?

Dubai: For global currency markets, March 7 sure seemed like one long ‘Manic Monday’, with currencies losing ground to a resurgent dollar. The Indian rupee touched an all-time low of Rs21 to the dirham (or is about to depending on which currency tracking portal you are looking at). The Pakistan rupee breached the 49 mark in pre-market opening trades early on Monday, but seems to have stabilised at 48.48. The Philippines peso slipped, to 14.25 for a dirham. There were drops for the euro and the British pound against the dollar, as currencies felt the heat of the Russia-Ukraine conflict and what it would mean for their growth chances this year. As for expats in the UAE, all through Monday it was a question of whether they should have waited to send their latest remittances back to their home countries. There were many who had already sent over the weekend, and they are the ones ruing their chances on Monday. Take the Indian rupee, for instance. On Friday’s (March 4) close, the exchange rate to the dirham was at Rs20.65 to the dirham, and which then slipped to Rs20.85 by mid-day on Monday. “The first seven days of March have