Indian rupee exchange rate continues to rise ever higher

Energy Monday 13/April/2020 18:04 PM
By: Times News Service
Indian rupee exchange rate continues to rise ever higher

Muscat: A single Omani rial is now worth nearly INR200, as the exchange rate for the Indian rupee continues to increase.
One rial is now worth INR198.284. This is among the highest ever exchange rate between the two currencies, with the value of the rupee continuing to depreciate, as it has over the last few months.
As early as about a month ago, on 16 March, the exchange rate for the Indian rupee was still comparatively lower, at about INR192.45 per Omani rial. This, however, represents a sharp increase from the INR179 value it had a year ago, and an even sharper one from the INR169 exchange rate two years ago.
Zachariah PS, the general manager for Musandam Exchange, a currency exchange and remittance house in Muscat, said the ongoing economic impact that had been felt by countries around the world due to COVID-19 had strongly impacted India as well.
“When there is a political or social event that affects businesses and economies on such a scale, then its impact will definitely be felt,” he explained. “The depreciation of the value of the Indian rupee is eating into the Indian economy, and this has only been made worse by the current situation. Unless the government comes up with a plan to stabilise the currency, it will continue to fall.
“I have a feeling the Indian rupee exchange rate will rise above INR200 as early as this week,” added Zachariah. “Yes, the government will try to stabilise the currency, but it has more important priorities right now, such as developing a plan to stop the coronavirus. Unless they have a proper plan in place, and implement it seriously, foreign investors will not be willing to invest in India.”
“India and other developing economies rely on a lot of foreign investment for their projects,” he said. “When there is a problem such as COVID-19, these investors will play it safe, and withdraw their money. If this money continues to remain in projects, they might lose it, and so they will want to keep that money safe.”
Zachariah added that people in Oman who wished to remit money to their home countries could reach out to Musandam Exchange on WhatsApp, and provide them the details of the person to whom they wished to send funds. They could then arrange to transfer this amount to Musandam Exchange’s bank accounts with NBO and Bank Muscat.