Whether it's an apparent devaluation or not, now's the time to get some good things done

Pakistan's rupee just hit a fresh nine-year low, and depending on which side you're looking from, it can either be a good or bad thing.

For Pakistani expats, it's an opportunity to send more money back home. As of posting time, a dirham is worth Rs29.1521, while a dollar will fetch you Rs107.111 (though marginally improved from Wednesday's Rs29.45 and Rs108.17, respectively).

"The Pakistani rupee slid 3.1 per cent against the US dollar on Wednesday in an apparent devaluation. The fall in the currency has turned into a big windfall for Pakistani expats," Sudhesh Giriyan, chief operating officer of Xpress Money, said in a statement.

He added that the country's central bank, the State Bank of Pakistan, is of the view that the new rate would shore up economic growth and ease external account pressures.

"The fall will have a favourable impact on Pakistani exports. It will [also] be a huge bonanza for Pakistani customers remitting money not only in UAE and GCC but also for Pakistani expats across Europe, Africa and other Asian countries," he added.

With that, here are five things Pakistani expats can do to take advantage of the falling rupee.

> Remit more money back home. Would top any what-to-do-with-falling-currency list, and for obvious reasons: those extra rupees are going to be precious, especially for those in the lower-income bracket.

> Pad on to your savings and repay your debt. If you have a savings account in both your country of employment and in Pakistan, it would be a good idea to send a portion of it to the latter. Just make sure you send the right amount: weigh how much you would need to retain where you are because you may need it for some reason. And of course, it's also a fantastic time to repay any debt you may have: the bigger your debt, the bigger you'd save right now.

> Invest. Period. Of course, this will fall under the this-is-the-right-time-to clause. Best things you can put your cash on are in property and equities, and even jewellery.

> Put up a business. Dreaming of that small money-making machine? It could be an opportune time for you to put your plans into fruition. Just make sure to do your homework and have the right tools in place and you'll be up and running in no time.

> Treat yourself. Hey, it wouldn't hurt if you'd buy that smartphone your loved one's always wanted or some high-tech appliance to make your home more comfy. Some items are cheaper in Pakistan, so do your research and make someone happy.

"The overall feedback has been positive about the rupee's fall with an estimated rise in the number of customers remitting money to Pakistan today and over the weekend," Giriyan added.

"However, the exact evaluation in numericals will be taken into stock only after a few days of business and collation of data."

- alvin@khaleejtimes.com