MUSCAT : Online currency trackers on Monday showed the exchange rate at around 250.43 Indian rupees per Omani rial, while several exchange houses in Oman were offering rates of up to 249 rupees per rial.

The rupee also hit a fresh record low against the US dollar during early trading, weakening to nearly 96.25 per dollar after opening lower in the interbank market. The currency has now recorded losses for five consecutive sessions and remains among Asia’s weakest-performing currencies this year.

Market analysts attributed the decline to persistent strength in crude oil prices, a stronger US dollar, and heightened investor caution linked to the ongoing Iran conflict. India, one of the world’s largest crude oil importers, is particularly vulnerable to prolonged increases in energy costs, which can widen trade deficits and pressure the currency further.

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