The depreciation of the dollar pegged Qatar Riyal mostly affected the Nepalese, Indian and Philippine currencies. This was caused mainly due to the global economic slowdown and devaluation of the Chinese currency. Out of these currencies, the Nepalese showed a major decline by 7.3 per cent since March. Respectively the Indian currency fell by 6.7 per cent, Philippine peso declined by 6 per cent by last six months.
When comparing with Qatar riyal, the Nepalese rupee moved up from 27.18 to 29.15 per Qatar riyal i.e. 1.97 rupee weaker,the Indian rupee took a shift from 17.08 to 18.22 per Qatar riyal i.e. 1.14 rupee weaker, the Philippine peso popped up from 12.11 to 12.84 i.e. by 0.73 peso. The depreciation is a gain for Expats as they get additional income due to the decline. The Pakistan and Sri Lanka currencies also declined by the past six months.
The Egyptian pound also showed slight weakening as it declined from 2.07 pound per Qatar riyal to 2.15 per Qatar riyal. However the Euro and Bangladeshi taka did not show any sorts of depreciation. Usually after the Ramdan period there will be a fall in deposition of money as the ramdan period is a high remittance period, but now due to the currency decline the people as remitting money to benefit from the falling currency value.
Check Currency rates for QAR here
