MUSCAT: The Indian Rupee fell to a historic low on Monday (March 7, 2020) following a sharp rise in global prices of crude oil.
The Rupee was trading at INR 199.50 against OMR 1 on Monday afternoon. It is known that the Indian rupee has been choppy against the US dollar in the recent past. “Indian rupee has been under pressure for quite some time. Among the reasons that stirred the heavy fall of rupee on Monday is the domestic inflation, and strengthening prospects for interest rate hikes by the Reserve Bank of India,” said an expert.
Money exchange houses are also offering the best rate for customers to remit money to India. “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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