Muscat: Due to the current situation on the ground in India, the Indian Rupee (INR) has taken a toll and is depreciating after gaining strength this month.
At the beginning of the month, the currency against a single Omani Rial (OMR) was trading around INR 186.6 but started to recover after 10 days and traded at INR 183.25 against the OMR.
It is now, however, trading at INR 184.90 against the OMR.
Talking exclusively to Times of Oman, P K Subudhi, the General Manager at Mustafa Sultan Exchange said that the INR is expected to depreciate further.
“During this month, the INR remained highly volatile. On December 3rd, it was trading around INR 186.60 against the OMR, however, it started to gain strength and was then seen trading at INR 183.25 by December 12th, 2019.
“The appreciation in the currency was seen within eight days due to a huge Foreign Direct Investment (FDI) inflow of around 420 billion, mainly on account of acquisition of Essar Steel by Arcelor Mittal & Nippon Steel,” Subudhi said.