Indian rupee falls against Omani rial again
December 12, 2018 | 12:13 PM
by Times News Service
Photo for illustration purpose only

Muscat: The value of the Indian rupee (INR) once again depreciated against one Omani Rial when it crossed the INR187 mark this morning.

This dip in the rupee comes after India’s ruling Bharatiya Janata Party (BJP) suffered a series of defeat in the ongoing state elections across the country and was compounded when Urjit Patel resigned as the Governor of the Reserve Bank of India, the country’s financial governing body. Patel resigned citing personal reasons, just days before the bank was scheduled to meet for its annual board meeting.

Exchange officials in Oman said this was likely to have a direct relation to the slide in the value of INR.

“The policy of the RBI normally shows how the country will act in terms of spending, and right now, because his [Urijit Patel’s] departure was so sudden, nobody knows what the plan for the future is,” said one official, speaking to Times of Oman. “The elections are also underway so that will also affect how companies react, because they don’t know what the new policies will be,” the official added.

Arun Jaitley, India’s Minister of Finance and Corporate Affairs, acknowledged Patel’s departure. He said, “The Government acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of the RBI,” while adding, “It was a pleasure for me to deal with him and benefit from his scholarship. I wish Dr Patel all the very best and many more years of public service.”

A statement from India's Prime Minister Narendra Modi read, "Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about six years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely."

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