The recent rise in the value of dollar has given reason to cheer for expatriates in Qatar, specially Asians. Most of the Asian currencies have depreciated by around up to 6 percent in the past four months, giving expatriates of these countries extra value for their money.
Among the Asians, expatriates of Nepal, Pakistan and Sri Lanka have gained the most as currencies of these countries have fallen the most since January 1 this year.
A depreciating currency augurs well for expatriates because they get additional income because of decline. One Nepalese rupee was trading around 27.9 per Qatari riyal at the beginning of the year while the currency is now trading at 29.62 per riyal.
It shows that Nepali expatriates are now getting Rs1.72 extra, compared to at the beginning of 2018, for every rupee they are remitting back to their families.
Pakistani rupee was trading at 30.10 per Qatari riyal on January 1 this year and now it has depreciated to around 31.54 against one riyal, showing a gain of Rs1.44 per riyal. Similarly, Sri Lankan rupee also weakened around 1.4 percent since the beginning of this year as the currency depreciated from 41.80 per riyal at the start of the year to 43.21 now.
Indian rupee has depreciated by around 6.5 percent as the currency has fallen from 17.40 per riyal at the beginning of the year to 18.53 now.
The Philippine peso has fallen around 5 percent to 14.27 per riyal now from 13.6 per riyal at the beginning of the year. Euro, Bangladeshi taka and Egyptian pound have not shown significant fluctuations since the beginning of this year.
American currency has strengthened recently supported variety of factors. The ICE dollar index, which measures the dollar against a basket of six other currencies, reached a five-month high of 94.058 on Monday.
“The dollar has been boosted by the fact US data have been positive, the Federal Reserve is expected raise interest rates further during the year and the tensions between the US and China on trade issues have eased,” an analyst with a local brokerage house told The Peninsula.
The American currency is expected to strengthen in during the next six months.
“The dollar index has gained momentum as US interest rates look set to continue rising and the US economy remains on solid footing,” the analyst said. Rising bond yield has also supported dollar. The10-year US Treasury yield had hit the level of 3 percent in April this year. (Source)
Photo credit: iStock by Getty Images
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