MUSCAT: One Omani Rial is now worth even more when exchanged for Indian Rupees, after the currency crossed the INR 200 mark on Monday, May 9, 2022.
According to currency converter XE.com, one Omani Rial can be exchanged for INR 201.275. Rupee had shown significant weakness last week and the latest drop take it into new territory.
According to report by Bloomberg, foreign funds pulled out $17.7 billion from Indian equities this year, the highest on record, as the prospect of aggressive tightening by global central banks roiled markets. The currency has also been buffeted by other headwinds including a widening current account deficit, and a surge in global crude prices.
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Money exchange houses are also offering the best rate for customers to remit money to India. “It is financially prudent to remit money as you will get comparatively more Indian Rupees for Omani Rial today,” said an official at a money exchange house in Muscat.
