MUSCAT – According to market rates today, exchange houses quoted around 245.25 rupees per rial, while the US dollar stood near 94.75 rupees, reflecting continued depreciation of the Indian currency amid mounting global and regional pressures.

Madhusoodanan R, Executive Advisor to the Board at Global Money Exchange, said the rupee’s decline is largely driven by surging crude oil prices and ongoing geopolitical tensions. He noted that escalating risks in the Strait of Hormuz have increased shipping costs and war risk insurance premiums, further pushing up fuel prices and adding strain on the currency.

He added that potential job losses – temporary or permanent – could reduce remittances to India, placing additional pressure on the country’s foreign exchange reserves.

India’s foreign exchange reserves stood at around 703 billion US dollars as of April 17, providing the Reserve Bank of India with room for strong intervention in the forex market to help curb volatility in the rupee, Madhusoodanan pointed out.

Further weighing on the currency are delays in concluding a trade agreement with the United States and the imposition of higher sectoral tariffs, he said.

If current conditions persist, the rupee could weaken further to touch 95 against the US dollar, according to market expectations.