More Omani Rial Remittance Value for Indian and Pakistani Expats

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While PKR hit an all-time high earlier this month at PKR464.92 against an OMR and currently sits at PKR461, INR is also losing its value, currently at INR197.82

Muscat: As the Indian and Pakistani currencies continue to struggle against the US dollar, expats from these countries who send money home are getting higher value for every Omani Rial (OMR) they send.

While the Pakistani Rupee (PKR) hit an all-time high earlier this month at PKR464.92 against an OMR and is currently sitting at PKR461, the Indian Rupee (INR) is also losing its value, currently at INR197.82.

Therefore, Indian and Pakistani citizens residing in the Sultanate of Oman can send more money as exchange rates against OMR remain high for both currencies. Speaking exclusively to The Times of Oman on the reasons for the drop in PKR and INR, MP Boban, CEO of Unimoni Exchange, Oman, said that it was due to various factors both countries were facing, including oil prices, sanctions against Russia, etc.

“INR came under pressure and fell sharply from 193.60 on February 23 to 197.82 on the last closing day, March 4, due to escalating geopolitical tensions and rapidly rising prices. international crude oil.
“The likelihood of tougher sanctions against Russia has made conditions even worse,” he said.

He also said: “High crude oil prices will have a negative impact on India’s trade deficit, which could lead to a further decline in the value of INR and could take it to the level of 199 in a near future.”

Explaining the drop in the PKR, the expert pointed to the rise in inflation and debts owed by the government, which affects exchange rates and puts increased pressure on the currency.

“The Pakistani Rupee is under pressure due to rising inflation and growing debt. The currency has fallen almost 12% this year. If the current situation continues, PKR could fall further to the level of 485 per compared to the current level of 461,” he added.

Although the current situation for PKR and INR looks grim, expats who send money home find it favorable as they are now sending relatively less so that their families will receive more.

However, one expatriate, who sends money every month to support his family back home, says, “It is a huge relief for me at a time when the world is facing a financial crisis. Now I can send a little less than I would send earlier,” said Asma, a Pakistani expat based in Oman.

Similar sentiments were shared by an Indian expat, Mohan, living in Muscat. He said: “Although the exchange rates are amazing right now, I think some people will be waiting to see how the rates behave in the days before putting money back home.”

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