Indian rupee drops further, one Omani Rial tops INR216

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Muscat: With the decline of Indian stock indices, the value of Indian Rupee fell further against Omani Rial on Thursday.

According to Xe, the currency converter, one Omani Rial was fetching 216.10 in the market.

On Wednesday, Times of Oman had reported that the Indian Rupee closed at a new record low of 83.02 against the dollar with OMR1 fetching almost 215, according to an official at a leading exchange house.

The currency converter Xe displayed that the INR had touched a record high at 215.859 during the day’s trade on Wednesday but closed around 215.5.

After extended gains for the fourth straight session, Indian stock fell marginally on Thursday morning, tracking overnight weak sentiments from US markets.

Also, foreign capital outflows, widening current account deficit, and tightening monetary policy globally to tame inflation were some of the concerns among the investors' community, analysts said. At 9.56 am, Sensex traded at 58,962.18 points, down 145.01 points or 0.25 per cent, whereas Nifty traded at 17,468.35 points, down 43.90 points or 0.25 per cent.

"Sustained flows into mutual funds, particularly via the SIP route, is a major factor imparting strength to the market even in the context of negative global economic news. So long as DIIs are flush with funds markets are unlikely to correct sharply. Fundamental support to the market is coming from the good Q2 numbers, particularly from financials," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.