Are Indian rupee, Philippine peso weakest currencies right now?

Dubai: UAE expatriates from a number of Asian countries may have a reason to rejoice these days, with the value of the US dollar rising significantly against their home countries' currencies in recent months.

According to the latest data released on Tuesday, the Indian rupee, Indonesian rupiah and the Philippine peso are now the weakest among the currencies of the fast-growing economies in Asia.

The figures, shared by the Philippines’ Department of Finance (DOF), could spell good news for the hundreds of thousands of workers in the UAE who regularly transfer funds to help dependents back home, as a stronger dollar gives their dirham earnings more remittance power.

Among the 12 currencies in the study, the rupee emerged as the weakest, having depreciated 11.7 per cent against the greenback as of September 4 this year.

The Indonesian rupiah suffered the second-biggest decline at 9 per cent, followed by the Philippine peso at 7.39 per cent.