Al Ansari Exchange Addresses Indian Rupee Drop to Near Record Lows and Its Implications for UAE Remittance Market
The drop in the Indian rupee has been driven by several factors, including heightened trade tensions between the United States and India, particularly the threat of new tariffs on Indian exports of up to 25 percent. These developments have unsettled investors and triggered capital outflows from Indian markets. July 2025 witnessed the rupee's lowest monthly performance since 2022, with foreign equity sell-offs exceeding USD 2 billion. Additionally, the Reserve Bank of India has taken a more cautious stance on currency intervention, allowing the rupee to adjust more freely to external factors. Global geopolitical concerns and rising oil prices have further weighed on India's import bill, exacerbating the currency's decline.
For consumers in the UAE, this development is already influencing remittance and currency exchange patterns. Al Ansari Exchange has observed a surge in remittance activity, as Indian expatriates take advantage of the more favourable rates to send additional funds back home. The stronger conversion value is allowing customers to remit significantly higher amounts in rupees for the same dirham outlay, providing tangible benefits to families and dependents in India. At the same time, businesses and individuals engaged in trade with India are reviewing their hedging strategies and timing of transactions in light of the increased volatility.
In response to the surge in remittance demand, Al Ansari Exchange has ensured sufficient liquidity across its nationwide branch network and digital channels, while continuing to provide competitive rates and transparent pricing. The company has also launched targeted initiatives to attract customers during this period, including special promotional offers, rate alerts via its mobile application, and expanded staffing at high-demand branches to ensure smooth and efficient service.
Commenting on the situation, Rashed A. Al Ansari, CEO of Al Ansari Exchange said:
'The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances. While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.'
Al Ansari Exchange reaffirmed its commitment to supporting customers with reliable and efficient remittance solutions, even as currency markets remain uncertain. The company continues to monitor global economic developments closely and remains focused on delivering safe, transparent, and customer-centric services.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
19 hours ago
- Egypt Independent
Trump wants India to stop buying Russian oil. Why is Modi saying no?
Indian Prime Minister Narendra Modi has been performing a tricky balancing act – maintaining close partnerships with US President Donald Trump and Russia's leader Vladimir Putin while insisting his country is a neutral party in the Russia-Ukraine war, to the dismay of Western nations who have sanctioned Moscow. But now, it seems, Trump has lost his patience – demanding that Modi finally pick a side, and using India's continued purchases of cheap Russian oil as leverage in his trade war. The conundrum pits Trump and Modi, two nationalist leaders who have often described their friendship in warm terms, increasingly against each other. On Monday, Trump vowed in an interview with CNBC to 'substantially' raise tariffs on India 'over the next 24 hours' because it's still buying Russian oil. It's not clear what the new tariff rate would be – or why he is now taking issue with something India has done for years. But the fresh threat comes after he had already announced a minimum 25 percent tariff on goods coming from India last week. A crude oil tanker owned by Russia's leading tanker group Sovcomflot, transiting through the Bosphorus in Istanbul, Turkey on April 4, 2024. Yoruk Isik/Reuters 'Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD!' Trump wrote on Truth Social last week. But for Modi, it's not so simple. While many other countries have scrambled to strike trade deals with the Trump administration, India – the world's fourth largest economy – has pushed back defiantly, saying it is being unfairly targeted and calling the measure 'unjustified.' The US and Europe, it pointed out, still trade with Russia on other products such as fertilizers and chemicals. Here's what you need to know about why India is reluctant to stop buying Russian oil. Why does India need Russian oil? India has long been reliant on Russia for crude oil to support its booming economy and growing population, now at more than 1.4 billion people. The world's most populous nation is already the third biggest consumer of oil globally, and with India's consumption rate still growing rapidly, it is expected to surpass China by 2030, according to Reuters. India's transformation into an economic superpower has uplifted millions of households – which in turn have bought more cars and motorcycles, driving up the demand for gasoline. Russian crude oil accounts for 36 percent of India's overall imports, making Moscow the country's top supplier, according to Muyu Xu, a senior oil analyst at trade intelligence firm Kpler, who cited figures for the first six months of this year. Why can't India get oil somewhere else? After Russia invaded Ukraine in 2022, European nations largely stopped buying Russian oil. It now flows primarily into Asia – with China, India and Turkey among Russia's big clients and is a vital revenue stream for Moscow. Delhi is buying Russian oil at a heavy discount, 'which otherwise would not have been given by the traditional oil and gas suppliers,' said Amitabh Singh, associate professor at Jawaharlal Nehru University's (JNU) Centre for Russian and Central Asian Studies. He added that India's continuing purchases were 'a purely economic or commercial decision' – something Indian authorities have also argued, but which has been met with derision and anger from Ukraine and its supporters. While India has diversified its oil sources over the years, cutting out Russian oil entirely would leave a gaping hole that's hard to replace. India imports 80 percent of its oil needs, and its domestic oil production isn't enough to make up the difference. OPEC, the coalition of the world's top oil producers, may have 'some spare capacity, but it's difficult to ask them to pump 3.4 million barrels overnight,' said Xu when she spoke to CNN in July, referring to Russia's daily seaborne exports. Its choices have also been limited by other US actions – India was forced to stop buying oil from Iran and Venezuela after Trump imposed sanctions and threatened tariffs against countries that bought from those places. Before it halted its purchases, India had been one of Iran's biggest clients, buying up to 480,000 barrels per day, according to Reuters. 'We have our hands tied at the back,' said Singh. 'There is very limited space in which the Indian oil economy or market can operate.' For now, he added, it's unlikely Delhi will bow to Trump's demands. Modi's administration will continue navigating trade talks with the US and explore the 'traditional route' of Middle Eastern oil while it works to wean itself off Russian crude – but this it 'cannot do overnight,' said Singh. Indian Prime Minister Narendra Modi in Aylesbury, England, on July 24, 2025. Kin Cheung/Changes could spike global oil prices, including in US Russia's oil also feeds India's economy, which plays a key role in the global oil trade. India argues that its purchases from Russia have kept global oil prices lower, as it's not competing with Western nations for Middle Eastern oil. When the Ukraine-Russia war kicked off during the Biden administration, 'everyone knew that India is buying oil from Russia,' said Singh – but added that Western nations had tolerated it 'because they knew that if India is not buying oil from Russia, then inflation will go up.' If India switches to importing oil from somewhere else at a higher cost, American consumers will likely feel the hit, too. Some of the Russian crude oil sent to India is then refined and exported back out to other countries – because sanctions on Moscow don't include products refined outside Russia. It's a loophole that has benefited both India's economy and other recipient nations. In 2023, India exported $86.28 billion in refined oil products, making it the world's second-biggest exporter of petroleum products, according to the National Bureau of Asian Research (NBR). Some of the biggest buyers of these refined products, made from Russian crude oil, include Europe, the US, and the UK, according to the Centre for Research on Energy and Clean Air (CREA). The independent organization has urged G7 nations to close this loophole, arguing it would disincentivize third countries – like India – to import Russian crude. Historic partnership and juggling ties India and Russia's partnership goes beyond just oil and stretches back decades – another reason it's not so easy to dismantle. India was officially nonaligned during the Cold War between the US and the USSR. However, India began to lean towards the Soviet Union in the 1970s when the US began providing military and financial assistance to India's neighbor and longtime rival Pakistan. This was when Russia started providing arms to India. In recent years, India has drawn closer to Washington, and ramped up arms purchases from America and its allies, including France and Israel. Still, India remains the top recipient of Russian arms, according to SIPRI. And Modi remains friendly with Putin – even paying a controversial visit to Moscow last year, with the Russian president greeting his counterpart with a hug and personally driving him around. Trump and Modi, too, have previously hailed their friendship, with Trump declaring at a 2019 rally that India had 'never had a better friend as President than President Donald Trump.' Singh, the professor, said it was expected the friendship 'would continue' when Trump arrived at the White House for his second term. But things have soured this time around; India isn't happy with Trump claiming credit for a ceasefire in the latest India-Pakistan conflict, or with his accusations that their oil purchases are helping 'prop up a Russian war machine,' he said. Trump has lashed out too, increasingly frustrated at his inability to end the Ukraine-Russia war – something he'd promised to do on his first day in office. 'I don't care what India does with Russia,' Trump wrote in an irate post on Truth Social last week. 'They can take their dead economies down together, for all I care.'
Mid East Info
a day ago
- Mid East Info
As 60% of UAE travellers rely on AI to plan trips, human connection remains vital - Middle East Business News and Information
With the global meetings and events industry projected to exceed USD 2.3 trillion by 2032, demand for intelligent tech solutions is accelerating Experts from the technology, hospitality and events industries met at ATM 2025 to explore the growing impact of digital platforms and AI in travel Companies including Sabre, Expedia TAAP and Cvent highlighted the critical role of human insight in building smarter platforms Dubai, United Arab Emirates, August 2025: Travel technology is transforming the industry globally, changing the way travellers plan, book, and experience their journeys. According to a recent report by Tourism Economics on behalf of Arabian Travel Market (ATM), 60% of travellers in the UAE trust Artificial Intelligence (AI) to plan every aspect of their trips, compared to 48% of travellers in other countries, with this figure predicted to rise as technology becomes more embedded into consumer habits. According to the report, AI is becoming a key tool for travellers planning trips to the Middle East. Nearly six in ten have used AI for travel planning, with 21% using it before their most recent trip. As AI adoption grows, it is expected to play an increasing role in delivering personalised recommendations and booking experiences for tech-savvy travellers. The research also confirmed that travel firms are harnessing AI to enhance customer service and drive economic impact. In line with the digital transformation within travel and tourism, ATM 2025 provided a platform for experts across the technology, hospitality and events industries to discuss the implications for human connection as AI-powered tools, personalised service platforms, and data-led design become more prevalent. Speaking during the event, Amy Read, VP Innovation at Sabre Hospitality, said: 'It is important to recognise that human connection is at the core of hospitality. When we think about innovation within hospitality, we try to find ways that amplify those key moments, rather than replace them. We want to free up staff time so that they can engage in more meaningful interactions.' Read acknowledged that it is vital for the industry to recognise that technology has changed guests' expectations of hospitality providers as they now seek instant gratification and swift responses. This has led to the development of innovative solutions such as SynXis Concierge AI, which uses generative AI to transform customer service for hoteliers, providing immediate, detailed, and accurate responses to specific queries, reducing the reliance on individual staff knowledge and ensuring consistent, high-quality service around the clock. Other examples include Miral's AI concierge, Majd Al, which is utilised at attractions such as Yas Bay Waterfront and Ferrari World Yas Island in Abu Dhabi. The service offers tailored suggestions based on individual preferences, helping visitors maximise their experience. Fellow panellists agreed that human-centric innovation begins with understanding consumer behaviour, with organisations like Almosafer adopting a co-creation approach, developing tools based on customer pain points. Similarly, travel agent platform Expedia TAAP builds technology informed by insights from travel agents themselves, ensuring that its tools are aligned with customer needs and are usable. Meanwhile, the rise of AI in the business events (MICE) sector is delivering significant gains in efficiency and insight. With the global meetings and events industry set to reach USD 945 billion in 2025 and projected to exceed USD 2.3 trillion by 2032, the need for scalable, intelligent tools has never been greater. Data-led personalisation is now critical to driving attendee engagement and loyalty, with AI helping to automate sourcing, translate content in real time, and generate tailored event experiences. However, speakers were united in warning against over-reliance on technology at the expense of authenticity. As AI becomes central to personalising travel experiences and improving operational efficiency, it does not replace human roles but rather reshapes them, encouraging organisations to realign talent towards more meaningful, guest-focused interactions. Ultimately, as event planners and travel providers aim to create experiences that resonate, the consensus remains that human connection must stay central to every digital advancement. Danielle Curtis, Exhibition Director ME, Arabian Travel Market , commented: 'When it comes to travel and tourism innovations, the most effective technologies are those that amplify human interactions, improve efficiency and respond directly to customer needs. The industry has a shared commitment to responsible innovation by placing people at the centre of every technology solution.' Reflecting the travel industry's total convergence with technology and innovation, ATM Travel Tech was larger than ever at the 2025 edition, with an increase of over 26% in the number of products showcased. ATM 2026, which takes place from 4-7 May, will build further on this innovation focus, showcasing the latest technologies that are shaping the future of travel. Now in its 33 rd year, Arabian Travel Market (ATM) is the leading global platform driving growth and innovation across every sector of travel and tourism. Held annually in Dubai – the gateway to global travel and tourism with its unmatched connectivity – ATM is where the energy of opportunity comes to life. More than just an event, ATM is a dynamic hub for industry communities, with forums, experiences, and networking that continue well beyond the show floor over the week. Now in a period of rapid expansion, ATM has grown 16% year on year, attracting over 55,000 travel professionals from 166 countries. About RX: RX is a global leader in events and exhibitions, leveraging industry expertise, data, and technology to build businesses for individuals, communities, and organisations. With a presence in 25 countries across 42 industry sectors, RX hosts approximately 350 events annually. RX is committed to creating an inclusive work environment for all our people. RX empowers businesses to thrive by leveraging data-driven insights and digital solutions. RX is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. About RELX: RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs more than 36,000 people over 40% of whom are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York stock exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX. *Note: Current market capitalisation can be found at World Travel Market WTM portfolio comprises leading travel events and online portals across four continents. The events are: WTM London is the world's most influential travel & tourism event for the global travel community. The show is the ultimate destination for those seeking a macro view of the travel industry and a deeper understanding of the forces shaping it. WTM London is where influential travel leaders, buyers and high-profile travel companies gather to exchange ideas, drive innovation, and accelerate business outcomes. WTM Latin America takes place annually in the city of São Paulo and attracts around 20,000 tourism professionals during the three-day event. The event offers qualified content together with networking and business opportunities. In this its ninth edition – there have been eight face-to-face events along with a 100% virtual one, which was held in 2021 – WTM Latin America continued to focus on effective business generation, and achieved the advance booking of six thousand meetings that were held between buyers, travel agents and exhibitors in 2022. WTM Africa launched in 2014 in Cape Town, South Africa. In 2022, WTM Africa facilitated more than 7 thousand unique pre-scheduled appointments, an increase of more than 7% compared to 2019 and welcomed more than 6 thousand visitors (unaudited), the same number as in 2019. About ATW Connect: Africa Travel Week's digital arm, is a virtual hub packed to the seams with interesting content, industry news and insights, and the opportunity to hear from experts on a variety of topics in our new monthly webinar series. All with the aim to keep all of us in the travel and tourism industry connected. ATW Connect focuses on inbound and outbound markets for general leisure tourism, luxury travel and the MICE/business travel sector as well as travel technology. WTM Global Hub, is the WTM Portfolio online portal created to connect and support travel industry professionals around the world. The resource hub offers the latest guidance and knowledge to help exhibitors, buyers and others in the travel industry face the challenges of the global coronavirus pandemic. WTM Portfolio is tapping into its global network of experts to create content for the hub.
Mid East Info
a day ago
- Mid East Info
Al Ansari Exchange Addresses Indian Rupee Drop to Near Record Lows and Its Implications for UAE Remittance Market
Al Ansari Exchange, a leading remittance and foreign currency exchange service provider in the UAE, has highlighted the recent sharp decline of the Indian rupee against the UAE dirham, which is pegged to the U.S. dollar. The rupee has approached record lows, trading around ₹23.91 per AED, with intra-week fluctuations between ₹23.63 and ₹23.95. This marks one of the weakest levels in recent years and has drawn significant attention from expatriate communities and businesses with exposure to India. The drop in the Indian rupee has been driven by several factors, including heightened trade tensions between the United States and India, particularly the threat of new tariffs on Indian exports of up to 25 percent. These developments have unsettled investors and triggered capital outflows from Indian markets. July 2025 witnessed the rupee's lowest monthly performance since 2022, with foreign equity sell-offs exceeding USD 2 billion. Additionally, the Reserve Bank of India has taken a more cautious stance on currency intervention, allowing the rupee to adjust more freely to external factors. Global geopolitical concerns and rising oil prices have further weighed on India's import bill, exacerbating the currency's decline. For consumers in the UAE, this development is already influencing remittance and currency exchange patterns. Al Ansari Exchange has observed a surge in remittance activity, as Indian expatriates take advantage of the more favourable rates to send additional funds back home. The stronger conversion value is allowing customers to remit significantly higher amounts in rupees for the same dirham outlay, providing tangible benefits to families and dependents in India. At the same time, businesses and individuals engaged in trade with India are reviewing their hedging strategies and timing of transactions in light of the increased volatility. In response to the surge in remittance demand, Al Ansari Exchange has ensured sufficient liquidity across its nationwide branch network and digital channels, while continuing to provide competitive rates and transparent pricing. The company has also launched targeted initiatives to attract customers during this period, including special promotional offers, rate alerts via its mobile application, and expanded staffing at high-demand branches to ensure smooth and efficient service. Commenting on the situation, Rashed A. Al Ansari, CEO of Al Ansari Exchange said: 'The current exchange rate presents a unique opportunity for Indian expatriates in the UAE to maximise the value of their remittances. While the outlook for the rupee remains influenced by global and domestic factors, we are fully prepared to meet the increased demand and provide our customers with the best possible value and service during this period of heightened currency volatility.' Al Ansari Exchange reaffirmed its commitment to supporting customers with reliable and efficient remittance solutions, even as currency markets remain uncertain. The company continues to monitor global economic developments closely and remains focused on delivering safe, transparent, and customer-centric services.
