Tuesday, 7 Apr 2020
Rupee at 186 fails to attract remitters at exchange houses

Rupee at 186 fails to attract remitters at exchange houses

The worth of rupee vis-a-vis Omani rial on Wednesday stood at Rs185.76.

Mudassar, an official from Al Jadeed Exchange, stated, “There are many factors that affect the rise and fall of exchange rate. Omani rial is pegged to US dollar so whatever affects the US dollar will impact the amount of money you get for one Omani rial as well. We are offering a rate of Rs185.40 and there are many people who are coming from morning to remit from our branch in Ruwi. I assume that perhaps the rate will stay like this for a few more days.” An official from Unimoni stated, “The price is certainly really higher and unexpected. However, we can’t say how lengthy it will sustain.

“On Tuesday, the value of rupee stood at Rs186 but by Wednesday morning it came down. There are some people who save and send during such time, but for most people the rate doesn’t make too much of a difference as expatriates send money irrespective of the rates because of commitments back home.”

An official from Joyalukkas Exchange stated a lot more than 100 folks remit cash each and every day. “There would have been a surge if it was around month-end when people get their salaries.” Mudassar added that in contrast to earlier days there is a little reduce in the quantity of folks sending cash since they these days choose remitting cash through banking apps.

Information Source: Muscat Daily

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