Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Weak rupee aids expats’ remittances

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Indian expatriates in Oman are expected to get good returns in exchange for Omani rial in the short term.


According to experts, the rupee is at a seven-month low of 65.70 against the dollar. The trend is likely to continue for some time.


Analysts have attributed the fall in Indian rupee to higher crude oil prices, widening trade deficit and due to capital flows outside the country.


The strain in international political relations, including the crisis in Syria, has added to the weakening of rupee against the dollar. Madhusoodanan R, general manager, Global Money Exchange, said: “The exchange rate for rupee, which was around Rs167-168 a few days ago, touched Rs170.5 as of Wednesday.”


He said the exchange rate will continue to stay at Rs169-70 at least in the short term.


“People try to make the most out of slightest advantages. A Rs 2-3 difference is not a small variation. With the summer months fast approaching, people are not holding the money back,” said the manager of another popular exchange in Muscat.


Oil prices extended gains on Wednesday, rising more than $1 on a reported decline in US crude inventories and the risk of supply disruptions.


Opec’s ministerial committee tasked with monitoring the group’s supply-cutting deal with non-Opec countries, led by Russia, will meet in the Saudi city of Jeddah on Friday.


The Organization of Petroleum Exporting Countries (Opec) and 10 rival producers have restrained output by a joint 1.8 million barrels per day since January 2017 and have pledged to do so until end of this year.


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