Indian expats enjoying higher exchange rate for rupee remittance

Indian expats enjoying higher exchange rate for rupee remittance

Muscat: As the exchange rate between the Omani Rial and the Indian Rupee continues to climb, people in Oman who wish to send money to their families and friends back in India can now get even more for a single Rial.

According to online currency converter XE, the Indian Rupee conversion rate for the Omani Rial rose to as high as INR208.6 on 14 July, before dipping slightly to INR207.4 on the 16th, following a pattern of a steady rise in the exchange rate over the past year. Over the long-term, the Rial to Rupee exchange rate has been rising steadily since at least July 2012.

In terms of conversion from US Dollars, the Indian Rupee has in fact witnessed a consistent depreciation against the US dollar with multiple all-time lows in 2022, and is now only a whisker away from touching the 80 mark. The value of the rupee depreciated by around six per cent this year. Various factors that have put pressure on the rupee are rising current account deficit, the strengthened US dollar, and rising inflation amid high global commodity prices. Prices of crude oil, which India imports heavily to meet its domestic demand, saw a sharp rise after