Muscat: One Omani riyal fetched above 200 Indian rupees on Monday as India’s official currency dropped 51 paise to an all-time low of Rs 77.41 against the US dollar in early trade.
The Rupee opened at 77.17 against the US dollar, then lost ground to quote at 77.42, registering a fall of 52 paise from the last close. The Rupee has slipped past the previous record low of 76.98 in March.
On Friday, the Rupee had slumped 55 paise to close at 76.90 against the US dollar.
The reason behind the drop in value of the Rupee could be blamed on the demand for riskier assets and also because the foreign investors continue to dump the domestic stocks.
Investors are also worried that the broader Asian stocks could decline further due to the tightening COVID lockdown in Shanghai, which could hit global economic growth.
Oman Observer is now on the WhatsApp channel. Click here
