Indian rupee depreciation boosts remittance activity by 15%: Al Ansari Exchange

Al Ansari Exchange, a leading provider of remittance and foreign exchange services in the United Arab Emirates, announced that the Indian Rupee has witnessed a noticeable decline against the UAE Dirham over the past few days, dropping by approximately 0.5%. The exchange rate reached around INR 24.03 per AED, compared to stronger levels in the previous period.

This depreciation was driven by global geopolitical fluctuations, most notably the 50% tariffs imposed by the United States on Indian exports, alongside the cautious monetary policies adopted by the Reserve Bank of India and rising oil prices. Additionally, the global stability of the US Dollar – to which the UAE Dirham is pegged – further amplified the impact on exchange movements.

Ali Al Najjar, Chief Operating Officer at Al Ansari Exchange, confirmed that this decline has directly influenced the volume of financial remittances from the UAE to India, with the company recording a 15% increase in remittance value during the recent period. This surge is attributed to the Indian community’s eagerness to take advantage of exchange rate fluctuation and direct their savings to their families back home, especially in conjunction with the Onam festival celebrations, when expatriates are keen to enhance financial support for their families during this culturally significant occasion.

He commented: “This change in the exchange rate presents a valuable opportunity for the Indian community in the UAE to maximise the value of their remittances. At Al Ansari Exchange, we are committed to offering the best rates and providing flexible and secure financial services that enable our customers to make the most of these favourable conditions.”

Al Najjar concluded by emphasising that the company has enhanced its operational readiness to meet the growing demand, through increased liquidity support, extended working hours at high-traffic branches, and special promotional offers on transfer fees.