Latest news with #JoyalukkasExchange
Muscat Daily
11-05-2025
- Business
- Muscat Daily
Joyalukkas Exchange opens 46th branch in Oman at Nesto Hypermarket
Muscat – Joyalukkas Exchange, a leading financial remittance company in Oman, has inaugurated its 46th branch and the 97th globally—at Nesto Hypermarket in Bilad Mall, Mabellah. The event was attended by a large crowd and was marked by vibrant celebrations. The new branch was officially inaugurated by Raul S. Hernandez, Ambassador of the Republic of Philippines to Oman, in the presence of Joyalukkas Group Chairman Joy Alukkas, company staff, and hundreds of a fast-developing area with thousands of working-class expatriates from various nationalities, is expected to benefit greatly from the opening of this new branch. Speaking at the ceremony, Ambassador Raul S. Hernandez remarked, 'Opening 46 branches in one country is a true testament to Joyalukkas Exchange's credibility and excellence. The company plays a vital role in supporting the families of the countless expatriates, including many Filipinos, working in Oman. I hope this exceptional service continues to grow with even more distinction.'Chairman Joy Alukkas expressed his gratitude to customers for their trust and support. He credited this milestone achievement to the backing of both local citizens and expatriates. 'Through the visionary leadership of His Majesty Sultan Haitham bin Tarik and Oman's Vision 2040 plan, we are proud to be contributing to national development. We are committed to opening more branches this year, which will also create additional job opportunities, including for local citizens,' he Manager Nixon Baby thanked the Sultan and the people of Oman for their continued support, emphasizing that the rapid growth to 46 branches in such a short time is a direct result of customer trust. 'Even though our customers can send money home via our mobile app and don't need to visit our branches, many still choose to experience our excellent service in person. That's why opening more branches is not a challenge for us—we are dedicated to delivering exceptional service to everyone,' he General Manager Ansar Shenthari highlighted that their services, including the mobile application, will continue to improve, and that the organisation will remain committed to its social grand opening was also attended by Anto P. Jose, Regional Manager of Joyalukkas Jewellery Group, Fahad Al Habsi from the Human Resources Department, representatives from various financial institutions, and many individuals from the social and cultural spheres who offered their best wishes. The inauguration ceremony drew hundreds of attendees, including both locals and expatriates. Cultural performances such as a traditional Kerala chenda melam (drum ensemble), a magic show, and dance performances added color and energy to the celebration.
Gulf News
07-02-2025
- Business
- Gulf News
Indian rupee still low after rate cut: Send now or wait for more drop?
Dubai: The Indian rupee remains at extremely favorable remittance levels to the dirham (and dollar) – and with a strong possibility of a further drop to 24 against Dh1 for the first time. It was on November 29 that the rupee slipped below 23 for the first time and currently trades at 23.8. 'If a dirham fetches anything over 23 rupees, these are extremely favourable remittance terms for the expat Indian in the UAE,' said an official with a currency exchange house in Dubai. 'It took more than 2 years for the INR to move from 22 to 23, but in the space of just over 2 months, the INR is staring at hitting 24.' There are signs of the dollar being up for some more firming up next week, as markets weigh up the various issues related to US tariffs, global economic growth, etc. If that happens, then the rupee is in for further softening in the dollar/dirham exchange rates. Today (February 7), the Reserve Bank of India dropped interest rates by 0.25%, but the stock and currency markets reacted coolly to India's first cut in 5 years. At the start of trading today, the INR did inch up. But once the RBI announcement was made about the rate cut, the currency immediately went back to yesterday's levels of 23.8. But there are some who doubt whether a decline to 24 levels will happen soon. "Sure, there's been speculation INR has to drop to 24 soon - but I firmly believe it's unlikely now," said Antony Jos, Executive Director at Joyalukkas Exchange. Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
