MUSCAT : Currency dealers said the current rate has created an opportunity for expatriates, particularly Indian workers in Oman, to increase the value of their remittances to India compared with previous periods.
The rupee has come under pressure amid rising global uncertainties, including escalating tensions in the Gulf region, higher crude oil prices and continued foreign fund outflows from Indian markets.
Market analysts said the increase in oil prices, driven by concerns over possible supply disruptions, has added pressure on the Indian currency. Brent crude prices have moved above $85 per barrel amid the heightened geopolitical situation.
The rupee weakened further against the US dollar in recent trading, with market participants expecting continued volatility due to external pressures. The currency has been affected by stronger dollar demand, foreign institutional investor outflows and concerns over higher import costs.
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