Time to remit as Trump tariffs hit Asian currencies

With Asian currencies tumbling and some hitting record lows, it is the perfect time for UAE residents to send money back home, according to some experts.

- Nasreen Abdulla

On Monday, Indian rupee dropped to an all-time low while other Asian currencies also weakened.

"For UAE-based Asian expatriates earning in dirhams, the current market presents an opportunity to consider remitting funds to one's home country," said Wai Ken Wong, Regional Director of digital wealth manager StashAway.

"With currencies like the Korean won reaching a 15-year low and the Indian rupee touching record lows, those sending money home are finding their dirhams stretching further than ever before."

The Chinese offshore yuan dropped 0.36 per cent to 7.347 against the US dollar while the Indian rupee fell to a record low of 87.101 against the greenback.

The South Korean won depreciated 0.83 per cent while the Japanese yen fell 0.19 per cent.

Others are, however, of the opinion that a wait-and-watch policy would be more beneficial as the financial landscape is changing.