ABU DHABI 25 June 2019: The UAE Dirham in Q1-2019 depreciated against the currencies of top 10 non-dollarised import and non-oil export partners by 0.81 pc and 0.53 pc, respectively, on a quarterly basis, according to the Quarterly Economic Review of the Central Bank of the UAE.
Bilateral exchange rates show that the AED depreciated mainly against the:
- Chinese Yuan (China has the largest weight in the import basket, around 18.7pc) by Q-o-Q 2.41 pc
- Indian Rupee Q-o-Q by 2.23 pc compared to an appreciation of 2.73 pc in the previous quarter
- Japanese Yen (2.28 pc)
- South Korean Won (0.21 pc)
- Pound Sterling (1.31 pc) and the
- Turkish Lira (2.29 pc).
However, the AED appreciated against the Euro Q-o-Q by 0.46 pc, compared to an appreciation of 1.96 pc in the previous quarter, and against the Swiss Franc (0.14 pc).
On a Y-o-Y basis, the AED appreciated against top 10 non-dollarized import and non-oil export partners by 4.41 pc and 5.86 pc, respectively, said Wam.
On the imports side, the UAE Dirham depreciated in Q1 against its top 10 non-dollarised import partners, which account for 52.3 pc of the total imports, to reach -0.81 pc Q-o-Q, compared to an appreciation of 0.74 pc in the previous quarter.
Further, the AED depreciated mainly against emerging market economies’ currencies, which sharply appreciated during the first quarter of 2019.
