Monday 06 / May / 2024
Muscat: As the Indian and Pakistani currencies continue to struggle against the US dollar, expats from those countries remitting money back home are getting a higher value for each Omani Rial (OMR) they send.
While the Pakistani Rupee (PKR) saw an all-time-high earlier this month at PKR464.92 against one OMR and currently standing at PKR461, the Indian Rupee (INR) too is losing its value, currently at INR197.82.
Therefore, Indian and Pakistani citizens residing in the Sultanate of Oman can send more money as the exchange rates against OMR remains high for both the currencies. Talking exclusively to the Times of Oman on why both PKR and INR are falling, Boban MP, CEO, Unimoni Exchange, Oman said that it was due to various factors faced by both the countries, including the oil prices, sanctions against Russia, etc.
“INR has been under pressure and fallen steeply from 193.60 on 23rd Feb to 197.82 on the last closing day which is 4th March due to escalation in geopolitical tensions and rapid increase in international crude oil prices.
“The likelihood of stronger sanctions against Russia further worsened the conditions,” he said.
He also said: “The high crude oil prices will have an adverse impact on India’s trade deficit which may lead to further fall in the value of INR and may take it to 199 level in the near future.”
Explaining the decline in PKR, the expert pointed to the rising inflation and debts owed by the government which is affecting the exchange rates and putting more pressure on the currency.
“Pakistani rupee has been under pressure on account of rising inflation and mounting debt. The currency dropped by almost 12 per cent in this year. If the current situation continues, PKR may further fall to the level of 485 from the current level of 461,” he added.
Although the current situation for PKR and INR looks bleak, expats who remit money home are finding it favourable as they are now sending relatively less for their families to receive more.
However, an expat, who remits money each month to support his family back home, says “it is giving me a great relief at a time when the world is facing a financial crunch. Now, I can send a bit less of what I would send earlier,” Pakistani expat Asma, based in Oman, said.
Similar sentiments were shared by an Indian expat, Mohan, living in Muscat. He said, “Although the exchange rates are amazing right now, I think some people will wait to see how the rates behave in the days, before remitting some money back home.”
