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    United Arab Emirates dirham market update

     

    The UAE dirham (AED) continues to maintain its peg to the US dollar, staying fixed at approximately 3.6725 to $1 since 1997, in line with the currency policies of other Gulf Cooperation Council (GCC) countries, excluding Kuwait. Despite the stable exchange rate with the USD, recent data shows some interesting movements in key AED currency pairs. The AED to USD pair has been holding steady around its 3-month average of 0.2723, reflecting the ongoing strength of the US dollar.

    In contrast, the AED has shown some strength against other major currencies. The AED to EUR pair recently hit 30-day highs near 0.2535, just 1.0% above its 3-month average, showcasing some resilience against the euro. Similarly, the AED to GBP pair reached 90-day highs near 0.2172, indicating a 1.1% increase compared to the 3-month average, highlighting the dirham's relative strength against the British pound. Additionally, the AED to JPY pair, currently trading at 41.66, is 2.4% above its 3-month average, demonstrating a more robust performance against the Japanese yen within a stable trading range. FX analysts are closely monitoring these trends to assess potential future movements in the AED against these major currencies.

    BestExchangeRates.com keeps you up-to-date on United Arab Emirates dirham forecasts by collating the views of reliable FX forecasters and economists together with recent AED price trends. This analysis covers a wide range of factors including economic indicators, geopolitical events, central bank policies, and technical analysis to provide a thorough and current outlook on currency trends.

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