MUSCAT – The sharp fall comes as the rupee slid to an all-time low against the US dollar, touching nearly 96.90 in early trade amid rising global oil prices, capital outflows and mounting inflation concerns.
Market analysts said the continuing rise in crude oil prices has intensified pressure on the Indian currency. Brent crude remained near $110 per barrel amid ongoing geopolitical tensions and concerns over disruptions in the Strait of Hormuz.
Exchange houses in Oman said the rupee’s depreciation could provide temporary relief for expatriates sending money home, as remittance values increase against the Indian currency.
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