MUSCAT – Indian expatriates in Oman and across the Gulf who plan to remit money home will find the exchange rate slightly less favourable today due to the rupee’s upward movement. A stronger rupee means fewer Indian rupees per Omani rial when converting or sending funds to India.

The rupee’s upward trajectory comes as the US dollar weakened slightly following President Donald Trump’s announcement of a ceasefire between Israel and Iran.

According to a senior market analyst, the rupee’s strong performance is directly linked to the ceasefire news and a corresponding dip in global oil prices. Brent crude fell below $70 a barrel in early Asian trading — down more than 2 percent on the day and 7 percent since Monday.

“If the oil price continues to remain at the current rate, the exchange rate will be stabilised,” the analyst stated. “Also, if there is no escalation of conflicts, oil prices will remain at the current rate,” he added, indicating that the U.S. has been seeking this to control inflation.

Indian financial markets reported a positive sentiment, with the rupee rising sharply by 65 paise against the US dollar to 86.13 in early trade on Tuesday.