Muscat – The Indian rupee has fallen to a record low against the Omani rial, crossing Rs230 per rial for the first time. Currency experts in Muscat said the rate could climb further, possibly approaching Rs250 if current trends continue.

The steep fall has triggered a surge in remittances by Indian expatriates in Oman eager to take advantage of the favourable rate. Exchange houses reported long queues of customers sending larger sums than usual, with some borrowing to increase transfers.

The rupee’s slide has been driven by multiple factors, including the US decision to increase H-1B visa fees, higher tariffs on Indian goods and risk-averse sentiment among global investors. India’s push to boost exports amid growing competition from China has also pressured the currency, according to analysts in Muscat.

Muscat based Ramesh Verma said he had prepared for the trend. “I saved for two months and even took a small loan so I can send a larger sum now. This rate is a blessing for us. My family in India will benefit greatly, especially with upcoming wedding expenses,” he said.

Sunil Thomas, who works in the construction sector, said the exchange rate allowed him to accelerate debt repayments. “I am sending money to clear a home loan in Kerala. This rate makes a huge difference. The amount I send today will cover nearly two EMIs in one go,” he said.

Exchange house executives confirmed the rush. Boban MP, CEO of Unimoni Oman, said the rupee hit an all-time low of Rs88.80 against the US dollar, equivalent to Rs230.62 against the Omani rial on Tuesday, closing at Rs230.51. “Many expatriates are still holding funds and expect a further fall in the Indian rupee,” he said.

An official from Lulu Exchange said the exchange rate had prompted a sharp increase in remittance volumes, with customers sending higher amounts through branches and digital channels.

Senior financial expert R Madhusoodanan linked the pressure on the rupee to the H-1B visa fee hike and declines in Indian stock indices. “Thirteen of sixteen sectors in the Indian stock exchange fell on Tuesday, with the IT index down by more than 1%. This is a passing phase and discussions are under way between governments. Rates will stabilise, but expatriates are making the most of the current situation,” he said.