Indian rupee, Philippines peso already firming up – and they could go even higher
The dollar had been making a comeback through the Israel-Iran conflict period. But once the ceasefire was struck, dollar’s dropping fast.
Dubai: The dollar has dropped to a three-and-a-half year low and showing signs of further weakening, which will require many expats in the UAE to manage expectations on what they can get from sending money home.
Just three days ago, it was all looking so different for expats from Asia in the UAE and Gulf, with their currencies dropping against the dollar. For the Indian rupee and the Philippines peso, the drops as of Monday were their lowest points since April.
Many expats in the UAE had been waiting for their next salary getting credited, hoping that the stronger dollar of early this week would continue until month end. “They will be the ones bitterly disappointed with the dollar’s fall – they have missed out on an excellent opportunity,” said the currency exchange official.
Even yesterday, there were ample signs that the dollar was back to a softening, now that the ceasefire between Israel and Iran is holding. But that also means markets are again worrying about the US economy, the threat of US tariffs, and whether the US Federal Reserve will be cutting interest rates late July. (It has not helped that US President again talking about Fed Chair Jerome Powell and why he should be cutting rates faster…)
