MUSCAT: One Omani Rial is now worth INR 201.3256 as of Wednesday afternoon.
The Indian rupee took a complete plunge on Wednesday, following the decision by the government to lockdown the country for 21 days due to contain coronavirus outbreak.
“The Indian rupee will experience a further dip as there are a number of factors including coronavirus fears, lockdown, a slowing economy and rising inflation,” said a senior financial expert.
The value of the Indian Rupee had stayed around INR 197 for a single Omani Rial for most of March, before it spiked upward. This exchange rate is among the highest it has been for the last three months.
According to experts, there is a definite benefit for NRIs who regularly remit money home as they are gaining from the currency dip, however, all money exchange houses in Oman are shut since Monday following the directives from the Supreme Committee to prevent the coronavirus outbreak in the country.
“It’s a testing time for all of us here with the fears over coronavirus and now that the exchange houses are closed. At the same time, we will mostly saving the money here as we don’t know how long the coronavirus fears will stay,” said Arjun Menon an engineer who works with a construction firm in Oman.