(MENAFN- Muscat Daily) Muscat -
The plunge in Indian rupee vis-a-vis dollar due to the global market tumble has brought good news to many expatriates who often wait for such occasions to remit money. But exchange houses across the sultanate are saying the high value of Indian rupee has not brought in the expected surge in remittances.
The value of rupee vis-a-vis Omani rial on Wednesday stood at Rs185.76.
Mudassar, an official from Al Jadeed Exchange, said, '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 said, 'The rate is indeed very high and unexpected. However, we cannot say how long 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 said more than 100 people remit money every day. 'There would have been a surge if it was around month-end when people get their salaries.' Mudassar added that unlike earlier days there is a small decrease in the number of people sending money because they nowadays prefer remitting money via banking apps.
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