Thursday 28 / August / 2025
Muscat: As the Indian rupee slides even further, the CEO of a top exchange house in the Sultanate has said that companies such as his can expect queues of expats at their offices, as they rush to remit more money to their families back home.
As of Sunday afternoon, one Omani rial was now worth Rs.187.551. For the first time, one US dollar is now valued at more than Rs.72.
Boban MP, the Chief Executive Officer of Oman-UAE Exchange, said that the rupee can be expected to slide even further in the future.
“With crude oil prices and global political conditions dictating the status of the Indian currency in the next few months, we foresee the Indian rupee sliding down further in the coming weeks,” he said.
“While the Indian currency has depreciated, remittances to India have increased. Indian expats can be seen queuing up at financial houses to avail of the best exchange rates and to transfer large sums of money back home.”
He added that the tumbling of the rupee, which has been very noticeable over the last few months, was due to economic uncertainty across the world, which in turn affected currencies in many developing nations, including China, the Philippines, Argentina, Iran and Turkey.
“This decline can be attributed to the US-China trade war, rate hikes by the US Fed, economic turmoil in Turkey and Argentina, the US sanction plan against Iran, rising oil prices, and India’s widening trade deficit,” said Boban.
