MUSCAT — During the day, the rupee opened at 92.22 against the US dollar and closed slightly weaker at 92.32/33, after touching a day high of 92.35, reflecting continued pressure on the currency.
According to Madhusoodanan R, Executive Advisor to the Board at Global Money Exchange, the rupee’s weakness is largely linked to a surge in global crude oil prices, which climbed to around $104 per barrel from about $85 recently.

Despite heavy intervention by the Reserve Bank of India, the currency struggled to recover during the session.

Market sources said the rupee briefly touched the 240 level against the Omani rial around midday, although exchange houses are unlikely to offer that rate due to margins and transaction costs.
Analysts say that if current geopolitical tensions and elevated oil prices persist, the rupee could cross 240 per OMR in the near term, a level closely watched by the large Indian expatriate community in Oman for remittances.

Uncertainty in the region has also affected travel sentiment, with industry sources noting that tourism and hotel bookings have slowed amid broader geopolitical concerns.