Tuesday 23 / September / 2025
Muscat: The Indian rupee has fallen to record lows, trading around Rs230 per Omani Rial, sparking a surge in remittances from expatriates in Oman.
Exchange houses, including Global Money Exchange, reported higher volumes as Indians rushed to take advantage of the favourable rates, remitting more rupees for the same Rials. “This presents a unique opportunity for expatriates to maximise the value of their remittances. We are prepared to meet the increased demand,” said Sonam Dorji, General Manager of Global Money Exchange.
On Tuesday, the rupee slid to 88.79 against the US dollar, its weakest level ever, before closing at 88.75. Exchange houses in Oman were offering above Rs230.15 per Rial.
Speaking to 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. The IT stocks were down today. The visa fees decision has negatively impacted the sentiments of foreign investors,” he said.
Madhusoodanan also said, “Indian expats are, however, happy that they get more value for their earnings. They can pay off their liabilities in India early due to the higher value.”
The depreciation of INR against the USD will hurt the current account deficit of the country.
India spends a huge amount on the import of crude, gold, etc. The changes in the GST rules are good for the country as they will push domestic consumption.
The weakness in INR is likely to continue in the short term due to the already announced higher and retaliatory tariffs on Indian goods on the import of Russian crude, the geopolitical tension and on top of that the fresh announcement of the visa fees. “RBI is expected to intervene in the market in the coming days if the situation continues,” Madhusoodanan added.
