Tuesday 23 / September / 2025
Muscat: For the first time in history, Indian Rupee has crossed Rs230 per Omani rial.Money exchange houses in Oman are offering deals close to that level. This downfall amounts to an an intraday depreciation of 31 paisa against the US dollar.
Today, the Indian rupee touched an all-time low of 88.72 against the US dollar. Rupee opened at 88.41 and quickly slipped to 88.64 and further fell to 88.72 while going to press. At this level, one Omani rial is being exchanged at over INR 230 in the market.
Speaking to The Times of Oman, R. Madhusoodanan, a financial expert based in Muscat, said that the reason for the above fall is mainly due to the US administration's announcement on the H-1B visa fee increase. "This has caused panic in the IT industry, which is one of the major contributors to inward remittance to India. Thirteen out of sixteen major sectors in the Indian stock exchange declined today with IT Index down by over 1 %. Additionally, the visa fee hike may adversely affect the foreign inflows in the Indian stock market," he added.
The weakness in INR is likely to continue due to the already announced higher and retaliatory tariffs on Indian goods on account of our purchase of Russian crude. The fresh announcement on the Visa fees has further hit the market. RBI is expected to intervene in the market.
