Al Ansari Exchange closely monitoring global currency markets amid new US tariffs
Dubai – Al Ansari Exchange, the subsidiary of Al Ansari Financial Services, stated that it is closely monitoring global currency markets following the recent US tariff announcements by President Donald Trump, according to a press release.
COO of Al Ansari Exchange, Ali Al Najjar, said: 'While market volatility brings uncertainty, it also opens doors for well-informed financial decisions.'
Al Najjar noted: 'Our deep expertise in navigating currency market fluctuations uniquely positions us to support our customers during this period.'
The company added that it remains committed to providing competitive exchange rates, transparent fees, and value-added services.
The US administration's 2 April tariff measures, which include a 10% baseline tariff on imports with higher rates applied to specific countries, have contributed to a weakening of the US Dollar against several major currencies.
Al Ansari Exchange further stated that this shift presents both challenges and opportunities for individuals and businesses across the UAE.
The depreciation of the US Dollar against currencies like the Euro, Japanese Yen, and Chinese Yuan may pose challenges for UAE residents sending remittances to countries with strengthening currencies.
Meanwhile, the Indian Rupee (INR) has declined against the US Dollar following the recent tariff announcements.
In early morning trade on 3 April 2025, the INR weakened by 24 paise against the US Dollar. The same depreciation was also seen against other Asian currencies such as the Pakistani Rupee and the Philippine Pesos.
This development comes to the benefit of the UAE residents remitting funds to India, as favorable exchange rates may enhance the overall value received.
Al Ansari Exchange offers tailored solutions for businesses in the UAE to effectively manage currency risk and leverage exchange rate movements.
It is worth noting that Al Ansari Digital Pay, another subsidiary of the listed Al Ansari, recently obtained final approvals from the Central Bank of the UAE (CBUAE) for both the Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses.
Source: Mubasher
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
US and Chinese trade negotiators to meet in London
The US and China will hold talks in London on Monday in an attempt to preserve a fragile truce on trade. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are to lead the delegation from Washington. Chinese Vice Premier He Lifeng, who led his country's negotiating team in Geneva in May, is also at the head of Beijing's team in London. "The meeting should go very well," US President Donald Trump said in a post on his Truth Social platform. White House press secretary Karoline Leavitt told Fox News on Sunday that "we want China and the United States to continue moving forward with the agreement that was struck in Geneva". While the government of UK Prime Minister Keir Starmer has repeated it is not involved in the content of the discussions, a representative said: "We are a nation that champions free trade." UK authorities "have always been clear that a trade war is in nobody's interests, so we welcome these talks", the representative added. The talks in London come a matter of days after Mr Trump and Chinese President Xi Jinping held their first publicly announced phone call since the Republican returned to the White House. Mr Trump said the call, which took place on Thursday, reached a "very positive conclusion". Mr Xi was quoted by state-run news agency Xinhua as saying that "correcting the course of the big ship of Sino-US relations requires us to steer well and set the direction". The call came after tensions between the countries had soared, with Mr Trump accusing Beijing of breaching a tariff de-escalation deal reached in Geneva in May. "We need China to comply with their side of the deal. And so that's what the trade team will be discussing" in London, Ms Leavitt said. In April, Mr Trump introduced sweeping worldwide tariffs that hit China hardest. At one point, the US imposed levies on China of 145 per cent, as both sides engaged in tit-for-tat escalation. China's countermeasures on US goods reached 125 per cent. After two days of talks in Switzerland, the two sides agreed to reduce their tariffs for 90 days. But differences over certain issues have persisted, including China's restrictions on the export of rare earth minerals used in tech products. The impact of the tariffs was reflected in the latest official export data released on Monday in Beijing. Exports to the US fell by 12.7 per cent in May, with China shipping $28.8 billion worth in goods. This was down from $33 billion in April, China's General Administration of Customs has said. Throughout talks with the US, China has opened discussions with other trading partners, including Japan and South Korea, in an effort to build a united front to counter Mr Trump's tariffs. On Thursday, Beijing turned to Canada, with the two sides agreeing to regularise channels of communication after a period of strained ties. China is expected to host a summit with the EU in July, marking 50 years since Beijing and Brussels established diplomatic ties.
Zawya
2 hours ago
- Zawya
ECB's Escriva sees scope for minor monetary policy easing
MADRID - The path of monetary policy easing in the euro zone could require further adjustments if the current macroeconomic and inflation outlooks are confirmed, ECB policymaker Jose Luis Escriva said. Last week, the ECB cut interest rates and hinted at a pause after inflation in the euro zone returned to its 2% target. Escriva, who is also Bank of Spain Governor, said in an interview to newspaper El Pais on Sunday that he "was very comfortable" with the current, gradual approach of successive 25-basis-point rate cuts. "Our central scenario – GDP growth of around 1%, inflation of 2% – could require some fine-tuning if it is confirmed," Escriva. The ECB has cut rates 2 percentage points since last June, to prop up a euro zone economy also hit by erratic U.S. economic and trade policies. Escriva said confidence in the dollar and U.S. assets had decreased since U.S. President Donald Trump took office and that since April, the dollar had not been a "safe haven" and its dominance as a global reserve currency appeared to have peaked. He also said the Bank of Spain was expected to revise downwards on Tuesday the forecast for Spanish economic growth by a few decimal points from the current 2.7% for 2025.
Economy ME
3 hours ago
- Economy ME
Crude oil prices steady above $66.4 as market eyes U.S.-China trade discussions
Oil prices maintained the gains achieved last week early on Monday as investors awaited the U.S.-China trade discussions scheduled to take place in London later in the day. Brent crude futures remained steady at $66.47 a barrel at 00:08 GMT (now trading above $66.4). Meanwhile, U.S. West Texas Intermediate crude saw a slight increase of 1 cent, trading at $64.59 (currently above $64.5). Both contracts experienced an increase of more than 4 percent last week, buoyed by a better-than-expected U.S. jobs report and renewed trade negotiations between the U.S. and China, which alleviated concerns regarding a potential global economic downturn. The potential for a U.S.-China trade agreement lent support to oil prices, as three of Donald Trump's senior aides were scheduled to meet with their counterparts in London on Monday for the inaugural session of the U.S.-China economic and trade consultation mechanism. This announcement on Saturday followed an unusual Thursday call between the top leaders of both nations, who are under pressure to ease tensions due to China's export restrictions on rare earths, which have been disrupting global supply chains. Oil prices marked their first weekly gain in three weeks following this news. Read more: Crude oil prices fall to $65.40 as OPEC+ output rises despite concerns over Canadian supply China's economic data release Adding to the market's caution, China is set to release a series of economic data early Monday, including inflation and export statistics, amidst worries about the robustness of domestic demand in the world's second-largest economy. Weak trade data, coupled with the ramifications of ongoing U.S. tariffs, continue to impact Chinese manufacturing and export competitiveness. The prevailing subdued sentiment reflects investors' wait-and-see approach, with overall market mood dependent on the outcomes of Monday's diplomatic discussions in London. The inflation data from China on Monday morning will provide insights into domestic demand from the world's largest crude importer. The anticipated economic data and the possibility of a trade agreement that could bolster economic growth and enhance oil demand outweighed concerns surrounding increased OPEC+ supply, following the group's announcement of another significant output increase for July on May 31. HSBC projects that OPEC+ will likely accelerate supply hikes in August and September, which could elevate downside risks to the bank's forecast of $65 per barrel for Brent crude in the fourth quarter of 2025, according to a research note released on Friday. Reuters reported, citing researchers from Capital Economics, that they believe this 'new faster pace of (OPEC+) production rises is here to stay.'
