MUSCAT: For the second day in a row, Indian expats in Oman are getting over INR 200 per Omani Rial as Indian rupee plunged to record low.
On Tuesday, May 10, 2022, Indian rupee stood at INR 201.24, according to currency converter XE.com. However, some exchange houses in the Sultanate are trading at INR 200.300 per Omani Rial.
“For expats this is the best time to remit money from Oman to India,” said a General Manager of a top exchange house in Muscat.
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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.
