Al Ansari Exchange reports 15% rise in remittances amid Indian Rupee depreciation

Al Ansari Exchange, one of the UAE’s leading providers of remittance and foreign exchange services, has announced a 15% increase in remittance activity following the recent depreciation of the Indian Rupee against the UAE Dirham.

Over the past few days, the Indian Rupee fell by approximately 0.5%, with the exchange rate reaching around INR 24.03 per AED, compared to stronger levels earlier. The decline has been attributed to global geopolitical shifts, including the 50% tariffs imposed by the United States on Indian exports, the Reserve Bank of India’s cautious monetary policies, rising oil prices, and the continued strength of the US Dollar, to which the UAE Dirham is pegged.

According to Mr. Ali Al Najjar, Chief Operating Officer at Al Ansari Exchange, the shift in exchange rates has led to a surge in remittances from the UAE to India, particularly as the Indian community takes advantage of the favorable conditions. The increase also coincides with the Onam festival, a period when many expatriates traditionally boost financial support to their families.

“This change in the exchange rate presents a valuable opportunity for the Indian community in the UAE to maximise the value of their remittances,” Al Najjar said. “At Al Ansari Exchange, we remain committed to offering competitive rates and secure services that enable our customers to make the most of these conditions.”

To accommodate the rising demand, the company has strengthened its operations by boosting liquidity, extending working hours at busy branches, and introducing promotional offers on transfer fees.