UAE residents save on loan EMIs in India, Pakistan as currencies plunge to new lows

UAE residents save on loan EMIs in India, Pakistan as currencies plunge to new lows

Indian rupee hit a record low of 80 against the US dollar

Published: Wed 20 Jul 2022, 4:19 PM Last updated: Wed 20 Jul 2022, 4:52 PM

The Indian and Pakistani expats in the UAE are making a windfall following the recent decline in their currencies against the UAE dirhams, which helped them pay off their debts earlier than scheduled.

South Asian expats in the UAE told Khaleej Times that they have massively benefitted in the form of reduced EMIs (equated monthly instalments) for the investments made in their home countries due to a decline in both the countries’ currencies against the UAE dirham. This, in turn, helped them to pay off their debt more quickly.

On Wednesday, the Pakistani rupee’s free-fall continued, plunging below an all-time low of 61 against the UAE dirham due to political turmoil in the South Asian country.

The rupee has been consistently sliding since the ouster of the Imran Khan-led Pakistan Tehreek-e-Insaaf government on April 10 this year, falling nearly 20 per cent. The rupee has lost 40.2 per cent against the UAE dirham in the past year, according to xe.com.

Nighat Sher, a Pakistani national residing for nearly two decades, said the rupee’s decline has helped her a lot