Page 74 - AAE PR REPORT - November 2024

Time to send money? UAE

remittances to India, Philippines

surge after Trump's win

The elections have had a profound impact on global financial markets, driving up the US dollar and
leading to a sharp decline in several Asian currencies

Published: Thu 14 Nov 2024, 9:26 PM

Photo: Reuters file

Remittances from the UAE have risen as Asian currencies plummeted after Republican
candidate Donald Trump decisively won the US national elections last week.

“We observed a surge in remittances to India and the Philippines,” said a representative
from super app Botim. “We have seen a three per cent increase in the transaction
numbers to India and around four per cent increase in Philippines peso transaction
numbers for the first 12 days of November 2024 over the same period in October 24."

"Since the Nepalese rupee moves in tandem with the Indian rupee, USD/NPR reached
an all-time high of 135.79 in November 2024. Additionally, we observed a 36 per cent

https://www.khaleejtimes.com/business/markets/uae-time-to-hold-or-send-surge-in-remittances-
to-india-philippines-after-trumps-win