Rupee falls to a new lifetime low, OMR1 fetching almost INR210 in market

Rupee falls to a new lifetime low, OMR1 fetching almost INR210 in market

New Delhi: The Indian Rupee fell further on Friday with OMR1 fetching almost INR210, according to the currency converter Xe.

Cashing in on the opportunity, queues of Indian expats were seen at exchange houses for remitting money home. The value of Indian rupee against Omani riyal has never been so good in the recent past.

Rupee tasted yet another lifetime low on Friday morning after the US dollar index strengthened to a two-decade high this week, on hopes that demand for safe-haven currency such as the dollar would pick up.

This morning, the Rupee opened 25 paise lower from the previous session to touch a record low of 81.09 versus the US dollar, against Thursday's close of 80.86. Yesterday's depreciation was the biggest single-day fall for the rupee since February 24. The US Federal Reserve had raised the repo rate by 75 basis points -- which is the third consecutive hike of the same magnitude, in line with expectations, which essentially means that investors will move towards the US markets for better and stable returns amid the monetary policy tightening.

The Fed also hinted that more rate hikes were coming and that these rates would stay elevated until 2024.

The US central bank seeks to