UAE Dirham Exchange Rates: A Quick Overview of Currency Values as of October 12.
Dubai: The continued weakening of several Asian currencies is allowing expatriates in the UAE to receive greater value when transferring money to their home countries. The Philippine peso and Pakistani rupee remain close to their lowest levels in years, while the Indian rupee strengthened on Monday following intervention measures announced by the Reserve Bank of India (RBI).
The Indian rupee’s performance against the UAE dirham is closely tied to its movement against the US dollar. Since the dirham is pegged to the dollar, fluctuations in the rupee-dollar exchange rate directly influence the AED-INR conversion rate.
On Saturday, October 10, the RBI unveiled a series of measures aimed at stabilising the Indian currency, which had been trading near record lows.
One of the key initiatives involves introducing a special dollar supply arrangement for oil marketing companies. Under this mechanism, the RBI will provide US dollars through designated banks to meet the daily foreign currency requirements of Indian Oil Corporation, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) until further notice.
As government-owned oil refiners are among India’s largest daily purchasers of US dollars, the arrangement is expected to ease pressure on the foreign exchange market by reducing their demand for dollars through regular trading channels.
Additionally, the central bank has tightened regulations governing foreign exchange derivatives. The permitted limit for derivative positions without an underlying exposure has been reduced from $100 million to $5 million.
The Indian rupee has depreciated by approximately 6 per cent since the West Asia conflict began in late February and has declined by more than 8 per cent over the past year.
As of Monday, the exchange rate stood at approximately ₹26.06 per UAE dirham, compared with ₹26.28 in the previous trading session, indicating a recovery in the Indian currency.
Philippine Peso Holds Steady
The Philippine peso (PHP) continues to trade above the 17-peso level against the UAE dirham, with the exchange rate standing at approximately PHP 17.02 per dirham, unchanged from its previous closing level.
The peso remains sensitive to movements in global oil prices, as the Philippines relies heavily on imported petroleum products. Meanwhile, expectations that the US Federal Reserve could maintain elevated interest rates have supported the US dollar, adding pressure on emerging-market currencies.
With exchange rates currently offering favourable conversion opportunities for some expatriates, households are reviewing their remittance plans and considering whether to transfer funds at existing rates or wait for potential changes in the currency market.
For the latest currency movements, check live foreign exchange rates.
Exchange rates as of 8:00 AM on October 12:
- Indian Rupee (INR): ₹26.06 per dirham, reflecting a slight appreciation compared to the previous day’s rate.
- Pakistani Rupee (PKR): PKR 75.60 per dirham, remaining stable with no change from the previous session.
- Philippine Peso (PHP): PHP 17.02 per dirham, showing a marginal improvement compared to yesterday’s level.
