Indian rupee gains strength against Omani rial

Muscat: The Indian rupee (INR) has gained strength since the last 90 days and is now standing at INR182 against one Omani rial.

A few days ago India rupees’ value plunged to INR193 against one Omani rial.

The manager of an exchange house, that is offering INR181.50 against OMR1, told Times of Oman that oil prices were responsible for the fluctuation of the Indian rupee.

“India has a negative current account deficit because it is an importer of oil,” he said. “The rupee will follow the same pattern as the oil prices, so when the oil prices go down, that will positively affect the rupee, and when they go up, this will affect it negatively.

“Right now, it is unclear how oil prices will behave in the future,” added the manager. “Once oil prices settle down, then the value of the rupee should settle as well.”