Dirham appreciates against top 10 import, export partners
The UAE Dirham has appreciated against the currencies of both top 10 non-dollarised import and non-oil export partners by 0.74 percent and 0.3 percent respectively during the last quarter of 2018, according to Central Bank of the UAE statistics. Y-o-Y, the Dirham appreciated as well against the currencies of the same partners by 3.55 percent and 6.09 percent respectively. On a quarterly basis, the UAE currency appreciated by 3.55 percent during Q4 2018 against the top 10 non-dollarised import partners, which claim 52.3 percent of the UAE total imports.
In the meantime,the UAE currency gained more ground against the currencies of emerging economies, which continued to depreciate in Q4.
The highest appreciation was against the Chinese Yuan by 1.57 percent during Q4. In more detail, the UAE currency appreciated against the Indian Rupee by 2.73 percent during the period; 1.12 percent against the Japanese Yen; 1.96 percent against Euro; 1.4 percent against the GB Pound and 1.22 against Swiss Franc. In the meantime, the Dirham depreciated 3.23 percent against Turkish Lira on a quarterly basis after it was up 29.87 percent during the preceding quarter.
Dirham appreciated as well versus the currencies of other key trade partners, including the Singapore dollar by 0.55 percent, 0.57 percent against S. Korean Won, 8.37 percent against Pakistani Rupee and 2.17 percent against Japan's Yen.
In the meantime, Dirham remained stable against Iraqi Dinar, depreciating only 0.03 percent on a quarterly basis.
