Picture for illustrative purposes only.
PHOTO BY EXPAT MEDIA
The Philippine peso fell to P15.51 against the UAE dirham on Monday (September 12) as the exchange rate continued to climb.
The exchange rate applies to remittances and will vary slightly in different money exchange houses in the UAE, industry sources told Expatmedia.net.
On Sunday, the peso-dirham exchange rate ended at an average of P15.50 for every dirham.
The peso-dirham exchange rate broke the P15 mark in July as the peso continued to sink to a record low against the US dollar. The peso started this year at P13.88 to Dh1.
On Monday, the Philippine peso exchange rate against the US dollar averaged at P56.99.
This is considered the lowest drop for the Philippine currency. It breached a record P55 to $1 more than 15 years ago, or on October 25, 2005 at P55.15 to $1. The peso started this year at P51 to $1. ICA/Expat Media
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