Indian Rupee falls to all-time low, INR 215 for OMR1 in market

Muscat:The Indian Rupee closed at a new record low of 83.02 against the dollar on Wednesday with OMR1 fetching almost 215 according to an official at a leading exchange house.

The currency converter Xe displayed that the INR had touched a record high at 215.859 in the day’s trade but closed around 215.5 in the evening.

A official at a leading exchange house confirmed that there was an increase in the remittances during the day at their outlet in Ruwi.

“This is an all-time high for an Indian Rupee against Omani Rials. We were offering our customers INR215 against OMR1,” he said.

On Wednesday, the Indian Rupee touched an all-time low reversing gains from earlier in the session on more indications that high inflation will keep major central banks in rate-hike mode, hurting the recent risk-assets rally.

The rupee closed at the lifetime low against the dollar after opening at 82.3062, compared to its previous close of 82.36.

The Indian currency fell to a new intra-day record low level of 83.02 against the greenback in a volatile trading session on Wednesday.

News agency from India reported that the rupee plunged 61 paise to dip below the 83 mark for the first time ever and closed provisionally at a new record low of 83.01 against the US dollar, as surging US treasury yields forced a rally in the greenback.

Analysts said that rising crude prices in the international markets and risk-averse sentiment among investors weighed on the currency.