MUSCAT: One Omani Rial is now worth even more when exchanged for Indian Rupees, after the currency hit a record low to touch INR 223 mark on Monday, January 13, 2025.
According to a top exchange house, one Omani Rial can be exchanged for INR 223.70. Rupee has shown significant weakness since Monday morning. On Friday, January 10, the closing rate was INR 222.60, while the market opened with INR 223 on Monday morning, while dropping further.
“It is financially prudent to remit money as you will get comparatively more Indian Rupees for Omani Rial today,” said an official at a money exchange house in Muscat.
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Rising treasury yields and surge in crude prices has dampened the outlook for the Indian currency. The rupee has dropped for 16 straight weeks, which has never occurred in its history.
Taking to ANI, Akshay Chinchalkar, Head of Research, Axis Securities said: “India’s Rupee slumped beyond 86 this morning as a global dollar advance fueled by rising treasury yields and a surge in oil further dampened the outlook for the rupee. Offshore markets continue to bet against the rupee via options, where dollar-rupee out-of-the-money calls have been traded aggressively last week. The rupee has now dropped for 16 straight weeks, which has never occurred in its history,” he said.
