MUSCAT: The Indian rupee nosedived to record low against Omani Riyal for the second successive day on Thursday and crossed 215.25.
OMR got stronger after the Indian currency slipped to an all-time low against the US dollar in opening trade for the second successive day.
Against dollar, the Indian rupee slipped to 83.05 and further to quote 83.06, a fall of 6 paise over its previous close of 83.01. The local currency also hit a high of 83.07 in early deals.
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With the rupee conversion rate falling for the past several weeks, Indian expats in the Sultanate and in the region are rushing to banks and money exchange centers for remitting money back home.
On Wednesday it had hit a record low to touch INR 214.90 mark. The rupee had shown significant weakness on Wednesday afternoon and the latest dip takes it to a new level.
According to forex traders, the reasons are a stronger greenback overseas and unrelenting foreign fund outflows. Rising crude prices in the international markets and risk-averse sentiment among investors weighed on the local currency are the other reasons, they added.
Money exchange houses in Oman are also offering the best rate for customers to remit money to India.
According to reports, in the neighbouring UAE, the rupees reached a record low of Rs. 22.55 against the dirham and against the Saudi Riyal, the rupee slide to Rs. 22.02 on Thursday.
