Indian rupee trades at 184 against Omani rial

Muscat: The he Indian rupee continued its slide against the rising oil prices and other factors, news agencies said. In morning trade on Friday, the Indian rupee broke the 71 mark for the first time, after opening at a record low of $70.95 per dollar. In Oman, the rupee is currently trading above 184 against a rial , an all time record, said R Madhusoodanan, general manager, Global Money Exchange. On Thursday the rupee had closed at lifetime low of $70.74 due to the demand for the dollar from importers and rising oil prices. With a fall of 9.9 per cent, the rupee is worst performing Asian currency on a year-to-date basis. It has fallen 3.3 per cent in August, the highest among the top Asian countries, reports suggested. Weakening rupee poses an inflationary risk in India given that imports are costlier when the currency depreciates. Costlier oil means costlier vegetables and groceries since transportation costs go up, reports said. Weak rupee also makes education and holidays in foreign countries more expensive.