Muscat – The Indian rupee depreciated to an all-time low of 78.59 against the US dollar (INR204 to the Omani Riyal) in opening trade on Tuesday as persistent foreign fund outflows from the country weighed on investor sentiments.
Following the drop in the rupee, Indian expatriates cheered as every riyal remitted now increases their savings back home.
Mohammad Shakeb Aiyaz from Hyderabad said, “The timing is perfect. I received my salary yesterday and the rate has jumped.”
The good exchange rate coupled with the upcoming Eid holidays and timely salary credit at the end of the month added to the excitement as money exchanges braced for a rush.
A senior executive at Global Money Exchange noted that there has been an increase in remittances this month as the rupee hovered at its lowest rates.
“Since Eid is approaching, we expect more people to remit money in the next few days.”
Supin James, general manager of Purshottam Kanji Exchange, too is expecting more business “as it is festival season and the exchange rate is at a record high simultaneously”.
He described the situation as “positive” for the Indian expatriate community in Oman eager to increase savings back home.
Asim Sheikh from Pune said, “I saved some money and was waiting for the right time. The is the perfect time, as Eid is around the corner.”