BY SACHIN KUMAR
DOHA: Nepalese expatriates gained the most while those from Pakistan were among the major losers due to currency fluctuations this year.
The Pakistani Rupee strengthened by about five percent against the Qatari Riyal in 2014, eroding the earnings of Pakistani expatriates. Pakistani currency was the only Asian currency to appreciate significantly against the Riyal while Indian, Bangladeshi, Sri Lankan and Nepalese currencies weakened in the year. The Philippine Peso, like past years, was seen to be stable against the Riyal. Nepalese Rupee depreciated the most, registering a decline of three percent in 2014, giving additional value to the earnings of Nepali expatriates.
“This year has been of sharp volatility for the currency markets. Except Peso, all the major Asian currencies have witnessed sharp fluctuations,” Zuber Abdul Rahman, Operations Manager, Al Zaman Exchange, told
The Peninsula.
A depreciating currency augurs well for expatriates as a given amount fetches more because of the decline. For example, a Nepali expatriate was getting around 27 Nepalese rupees for one Qatari Riyal in early January when the rupee was quoting 27.16 against the Riyal. Now, he would get around 28 rupees because the currency is trading weak at 27.92 per Riyal.
On the contrary, appreciating currency is a bad news for expatriates. A Pakistani expatriate in Qatar was getting 29 rupees for one Riyal at the beginning of this year when Pakistani currency was quoting 29 against one riyal but now he is getting around 27.50 as the rupee is trading at 27.62 against Riyal.
The Indian community was the second biggest gainer as the rupee weakened by two percent or 35 paise during the current year. The Indian Rupee is now trading at 17.45 against one Riyal. However, during the year, rupee had a roller coaster ride as it strengthened up to 15.96 against one Riyal in May but it has been on downward journey since then.
Sri Lankan Rupee depreciated by about one percent to 36.22 yesterday from 35.90 in the first week of January. The Bangladeshi Taka weakened one percent to 21.60 yesterday from 21.38 at the beginning of the year.
The Philippine Peso did not witness any fluctuation as it started the year with 12.28 against one riyal and is now trading at 12.25.
“All the major currencies around the globe are showing weakening trend because US dollar is strengthening,” said Zuber.
All the major currencies are pegged to the US dollar which is strengthening since the beginning of this year.
“The US, the largest economy in the world, is showing signs of recovery. This has prompted global investors to pull their money out of different countries and invest in US currency, bonds and equities.
However Pakistani rupee was able to buck the trend as Pakistan was reported to have received funds during the year which boosted its currency.
The Peninsula
