Indian Rupee hits Rs230 per Omani rial

Muscat: For the first time in history, the Indian rupee has crossed Rs230 against the Omani rial for the first time ever, with money exchange houses in Oman now offering deals close to this level. The slide follows the rupee’s sharp depreciation against the US dollar, where it touched an all-time low of 88.72 during intraday trading.

The currency opened at 88.41, slipped to 88.64 and further weakened to 88.72 while markets were still open. This intraday decline amounted to a depreciation of 31 paisa against the dollar. At this rate, one Omani rial is now fetching over INR 230 in the foreign exchange market.