The current exchange rate for the United Arab Emirates Dirham (AED) against the Philippine Peso (PHP) has risen, with 1 AED now equivalent to 15.52 PHP, as reported by xe.com today.
Yesterday, according to data provided by LM Exchange, the rate was slightly lower at 15.45 PHP for 1 AED. Taking a month’s perspective, on August 6, 2023, the rate stood at 15.16 PHP, also based on figures from LM Exchange.
The steady rise over the past month represents an increase of around 2.45% in the exchange rate.
Such fluctuations, although seemingly minor on a day-to-day basis, can signify larger economic shifts and offer advantages to specific groups.
A notable beneficiary in this scenario is the Overseas Filipino Workers (OFWs) community in the UAE.
With the rate reaching its current peak, OFWs sending remittances back home today will get more value for their money, a welcome relief for many families relying on these funds.
The factors driving these changes can range from local economic performances, trade balances, geopolitical events, to policies and interventions by central banks.