MUSCAT: Remittances to India have picked up sharply in recent days as the Indian currency continues its free fall.
On Wednesday, March 4, the Indian rupee stood at 190.967 against the Omani Riyal. Exchange houses said they expect a big rush in the coming week as salaries get credited.
“Remittances to India have gone up by 8-10 per cent in the last few days and we expect a further rise in the days ahead as this is also the start of the month when most of them gets paid their salary,” said a top official of a popular exchange house in Muscat.
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According to experts, the depreciation in the rupee against the US dollar is mainly due the coronavirus fears. “Most likely rupee will depreciate further against US dollar in the coming days,” the official added.
Oman is one of seven countries that contributed nearly 82 per cent of the remittances received by India during the first half of 2018-2019 (corresponding to April-September), according to the Reserve Bank of India (RBI).
