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.
Read More
- Malabar Gold & Diamonds proudly represents India’s Global Business Vision at PM Modi’s ‘Kia Ora Modi’ event in Auckland, New Zealand
- Oman’s Al Wusta signs RO 1.53 million deals for development projects in Haima and Mahout
- Global LNG trade volumes reach record high in 2025, driven by surge in US exports: US EIA
- Oman’s real estate transactions rise 5.5% to RO 1.175 billion by end of May 2026
- Bank Muscat posts net profit of RO 137.49 million for the six months ended 30 June 2026
