Asian currencies weaken against UAE dirham and US dollar

Several Asian currencies are experiencing declines against the UAE dirham, impacting expatriate remittances. The Indian rupee has weakened, trading at approximately Dh25.95, while the Philippine peso has also seen significant losses this year, partly due to rising import costs from elevated oil prices.

In Pakistan, exchange rates for major foreign currencies remain critical for importers and exporters. As of late October, the US dollar is quoted at a selling rate of Rs280 in the open market. The UAE dirham and Saudi riyal are closely monitored by the large population of Pakistani workers in the Gulf, as these remittances serve as a vital source of foreign exchange for the country.