Muscat: For expatriates from Asia living in the Sultanate of Oman, the exchange rate from an Omani riyal to their national currencies is at is all-time high.
On Wednesday, one Omani riyal fetched around 225.8 Indian rupees, 719.9 Pakistani rupees, 315 Bangladeshi takas, and 149.1 Philippine pesos.
The Indian rupee opened weaker on Wednesday. The currency weakened by 4 paise to open at Rs 87.12 against the greenback, according to Bloomberg. It had closed at Rs 87.08 on Tuesday.
Trump’s decision to delay tariffs on Canada and Mexico has resulted in a decline in USD’s risk premium. China has retaliated with tariffs on the US, which would take place from Feb. 10.
Asian markets stumbled Wednesday and gold hit a new record as investors kept tabs on China and the United States after they exchanged tariffs, sparking fears of another debilitating trade war between the economic superpowers. Shanghai, which reopened after a week-long break, and Hong Kong were among the main losers as e-commerce firms took a hit from news that the US Postal Service was suspending inbound parcels from China and Hong Kong.
The tepid performance came despite a positive lead from Wall Street, where there was a sigh of relief that US President Donald Trump had reached a deal to delay 25 percent duties on imports from Canada and Mexico. Disappointing earnings from Google-parent Alphabet and Advanced Micro Devices added to the unease over the tech sector, which has already been roiled by the unveiling of a new chatbot by Chinese startup DeepSeek. All eyes were on Washington and Beijing after they renewed their trade spat, though analysts said China’s apparently more measured approach provided some hope that a full-blown crisis could be avoided.
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