MUSCAT: The Indian rupee has come once again under pressure with the dollar gaining strength.
The Indian rupee on Sunday stood at 198.365 rupees to One Omani rial. Rupee dropped alongside several other currencies from the Asian countries.
“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.
Read More
- Forum explores investment partnership, economic integration between Oman and Lebanon
- His Majesty Sultan Haitham congratulates President-elect of Ireland
- Oman’s Interior Minister meets Secretary-General of Iran’s Supreme National Security Council
- His Majesty Sultan Haitham sends greetings to Iranian President
- Man arrested for stealing mobile phones, electronics from shopping mall in Muscat’s Seeb Wilayat
“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 Nandan Menon, a senior financial expert.
According to Menon, 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 last two weeks following the directives from the Supreme Committee to prevent the coronavirus outbreak in the country.
“At the same time, I think people will spend cautiously and they will rather save the money here than sending it to India as many of the companies may delay salaries from next month or deduct the pay because of the coronavirus crisis,” he added.
