MUSCAT: For the first time in history, the Indian Rupee has crossed ₹230 per Omani Rial, marking a significant weakening of the currency in foreign exchange markets. The rupee also touched a record low of 88.72 against the US dollar, reflecting ongoing pressures from both domestic and international factors. This sharp depreciation has raised concerns among traders, investors, and expatriates who regularly transfer funds between India and Oman.
Market analysts attribute this historic slide to a combination of rising tariffs, recent increases in visa fees, and broader market uncertainties. These elements have dampened investor confidence and placed sustained pressure on emerging market currencies, with the rupee particularly vulnerable due to its high trade exposure.
The weakening of the rupee against the Omani Rial is especially significant for the large Indian expatriate community in Oman, affecting remittances and the cost of living for families who depend on income sent back home. While a weaker rupee can benefit exporters, it also increases import costs, potentially driving inflation and tightening household budgets.
Experts predict continued volatility in the currency market unless mitigating policies or economic stabilization measures are introduced. This record-breaking exchange rate underscores the delicate balance facing India’s financial authorities as they navigate external pressures while attempting to maintain domestic economic stability.
