Muscat : At the close of the market today, February 3, local money exchange houses were offering INR 225.80 per Omani Rial.
However, speculation is mounting among Indian expatriates, with many wondering if the rate will continue to drop in the coming days, given that the exchange rate stood at INR 224.40 just yesterday.
According to online media reports, this depreciation comes as Asian currencies and stock markets react to the potential impact of US tariffs and a strengthening US dollar. Rupee, on the heels of the global currency trend, registered a record low of 87.29 during early trade on Monday.
Analysts have attributed rupee’s weakness to the recent surge in the US dollar index, driven by the announcement of US tariffs on several countries, including China, Mexico, and Canada. The tariffs have further fuelled global market volatility, causing significant drops in both equity and crypto markets.
With the dollar’s strength showing no sign of waning, Indian expats in Oman who were waiting to send their February remittances may benefit from the higher exchange rates in the coming days.
The Reserve Bank of India (RBI) has been taking steps to curb the rupee’s decline, reportedly spending $77 billion from the country’s foreign exchange reserves to defend the currency.
