UAE: Expats rush to remit, save big on EMIs as Asian, European currencies dive against dirham

UAE: Expats rush to remit, save big on EMIs as Asian, European currencies dive against dirham

Residents to benefit more in the months ahead as currencies of India, Pakistan and the Philippines are expected to slide further

Published: Thu 22 Sep 2022, 5:42 PM Last updated: Thu 22 Sep 2022, 5:49 PM

As the Asian and European currencies hit record lows against the dirham, the UAE residents are cashing in on weaker currencies and saving big on their equated monthly instalments (EMIs) for the investments made in their home country.

Industry executives say that expats will benefit more in the months ahead as the currencies of three Asian countries are expected to slide further against the UAE dirham.

The Indian rupee touched an all-time low of 80.47 against the US dollar (21.92 versus the UAE dirham) on Thursday morning while the Pakistani rupee hit a new low of 65.43 against the dirham on Wednesday. Similarly, the Philippines peso is also trading close to all-time lows of 15.92 against the Emirati currency.

Among the European currencies, the euro hit a lot of 3.6 while British pound touched 4.12 low versus dirham on Thursday mainly due to the strengthening of the dollar after Wednesday’s rate hike by the US Federal Reserve and the UAE Central Bank.

Bilal Ahmed, a long-time UAE resident from Pakistan,