The Omani Rial received 201 rupees 21 paise
The Omani riyal hit an all-time high of Rs. At one point on Monday, the exchange rate in Oman was 201 201 rupees 21 paise. The high exchange rate on March 8 this year has become a thing of the past. On March 8, the online exchange portal XC Exchange traded at 200.40 per riyal. At the Interbank Foreign Exchange (Forex) market, the riyal rose to Rs 201.70 in early trade on Monday. With this, the money exchanges entered the rate of 200 rupees 21 paise per riyal. This is the first time the Omani Rial has received more than 200 rupees.
Record exchange rate received in UAE
The UAE dirham also touched an all-time high of Rs. The UAE dirham had touched an all-time high of 20 rupees 97 paise to close at 21.10 paise yesterday. On Friday, one dirham received 20 rupees 95 paise. With this, the UAE experienced a huge influx of people who came to send money home on money exchanges yesterday. But in the days leading up to the payday, many remittances back home were a setback. At the beginning of the month, the dirham had received up to 20 rupees and 80 paise in the UAE. It is estimated that if the current situation continues, the dirham could fetch up to 21 rupees and 20 paise.
All Gulf currencies strengthened
Similarly, the currencies of all other Gulf countries rose in value. At the Interbank Foreign Exchange (Forex) market, the Kuwaiti dinar traded higher by 252 rupees to 48 paise. The Qatari riyal appreciated by 21 to 28 paise, the Saudi riyal by 20 to 66 paise and the Bahraini dinar by 205 to 61 paise. The exchange rate of the Indian rupee against the Gulf currencies is the largest ever.
Assessing that the trend will continue
Rupee Shares of major Indian companies fell as much as two per cent in the previous session. Those who work in the field of money exchange say that this trend will continue in the coming days. Especially in the absence of significant intervention on the part of the Reserve Bank of India to mitigate the crisis. The decision by the Reserve Bank of India to raise the repo rate has also weighed on the rupee. At the same time, the US dollar strengthened against the rupee. The impact of the US Federal Reserve’s decision to raise interest rates was further exacerbated by the withdrawal of investment from Indian equities.