MUSCAT : Online currency trackers on Monday showed the exchange rate at around 250.43 Indian rupees per Omani rial, while several exchange houses in Oman were offering rates of up to 249 rupees per rial.
The rupee also hit a fresh record low against the US dollar during early trading, weakening to nearly 96.25 per dollar after opening lower in the interbank market. The currency has now recorded losses for five consecutive sessions and remains among Asia’s weakest-performing currencies this year.
Market analysts attributed the decline to persistent strength in crude oil prices, a stronger US dollar, and heightened investor caution linked to the ongoing Iran conflict. India, one of the world’s largest crude oil importers, is particularly vulnerable to prolonged increases in energy costs, which can widen trade deficits and pressure the currency further.
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Read More
- Oman police urge public to keep OTPs, passwords and PINs secret
- Hundreds join Viksit Bharat Run at Indian Embassy in Muscat
- Oman Maritime Security Centre outlines requirements for foreign vessels in territorial waters
- Oman seeks public input on replacing plastic water bottles
- Oman’s elderly population reaches 188,390 as deaths fall 45%: NCSI
