Following Republican nominee Donald Trump’s resounding victory in last week’s US national elections, remittances from the United Arab Emirates have increased as Asian currencies have fallen.
“We noticed an increase in remittances to the Philippines and India,” a representative from smart app Botim stated. “For the first 12 days of November 2024, we have observed a three percent increase in the number of transactions to India and approximately a four percent increase in the number of transactions to the Philippines in pesos compared to the same period in October 24.
In November 2024, the USD/NPR hit an all-time high of 135.79 because the Nepalese rupee and the Indian rupee move in lockstep. In addition, we saw that the number of transactions increased by 36% between September and October. The spokesman continued, “Bangladesh transactions also increased by 32% monthly.
Adeeb Ahamed, Managing Director of LuLu Financial Holdings, said, “the recent US elections have had a significant impact on global financial markets, driving up the US dollar and causing a sharp decline in several Asian currencies.” As a result of this adjustment, customers are using favorable exchange rates to send money home, which has led to an increase in remittance volumes, especially in the UAE. Remittances to India from the United Arab Emirates have increased, while other corridors have also risen.
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