Indian rupee tumbles to record low against Omani rial

Muscat: For the first time in history, the value of a single Omani rial reached a high of INR183.15 against the Indian Rupee early on Wednesday morning, exchange houses confirmed.
However, the Reserve Bank of India (RBI) intervened and the currency is now trading at INR183.00 per rial. Similarly, the value of the rupee against the US dollar fell to $70.55, earlier in the day and came down to $70.49, later.
Experts put the rupee crash down to international factors. "For the first time in the history, the value of a single Omani rial reached a high of INR183.15,” Global Exchange CEO Madhusudhan said.
He also added: “The RBI intervening now won't help much, since the rupee fall has been due to international reasons outside their control.” Moreover, Madhusudhan said that given the international crises, the value of the rupee was expected to decline further.
Exchange houses in Oman are expecting the rupee’s decline to boost remittance transactions to India. The weaker the rupee gets, the more money Indian nationals in Oman send back home.