Boost for Indian expats as rupee hits all-time low again

Muscat: The Indian rupee traded an all-time low of 183.15 against one Omani riyal on Wednesday, said the sources in money exchanges.

“It is good for the expatriates in Oman, especially those interested in transferring money for the relief in the flood-affected state of Kerala. But it will affect the inflation rate in India with rising fuel import bills,” R Madhusoodanan, general manager, Global Money Exchange told the Observer.

Reuters inputs:

The Indian rupee touched a record low of 70.54 to the dollar on Wednesday, tracking weakness in Asian markets and on strong month-end dollar demand back home.

The Reserve Bank of India likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.

“The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level,” said one official.

“It is just supplying dollars in small amounts.”

The rupee traded at 70.54 per dollar, compared with its previous close of 70.10 on Tuesday.