When you think about international trips, you must consider the country’s foreign exchange rate. Of course, whether you will take an international trip to Oman or not greatly depends on the current 1 INR to OMR exchange rate. To ensure a memorable overseas vacation, convert INR to OMR in advance at the most competitive foreign exchange rates today.
Want to know more about Oman, things to do in the country, and the on-going INR to
OMR rate , then continue reading! Officially called the Sultanate of Oman, Oman is an Arab country that is located on the southeastern coast of the Arabian Peninsula.
Importance of the Omani Rial
OMR stands for Omani Rial. OMR is the currency code of the Omani Rial. It is the official currency of the Sultanate of Oman. Oman is located southeast of the Arabian Peninsula on the convergence of the Persian Gulf and the Arabian Sea.
Oman’s economy is oil export-dependent. In the year 1967, oil reserves in commercial quantities were discovered which led the path to a rapid increase in the rate of Omani Rial. Before 1967, Oman was an agriculture and fishing-dependent economy. However, due to the discovery of Oil Reserves, the country became one of the most exporters of Petroleum thereby increasing the economic health of the country. Introduction of the Omani Rial
Oman is situated on the Strait of Hormuz and is the key factor in creating stability within the region in the Persian Gulf. Before 1970, Oman also known as ‘Muscat and Oman’ used the Indian Rupee and Maria Theresa Thaler as their official currency. In 1970, OMR i.e., the Omani rial came into existence. Earlier, it was called the rial Saidi. The Rial Saidi was traded as high as the British Pound . By 1973, Rial Omani took over and became the predominant currency. The Omani Rial (OMR) became the official currency of Oman after the name of the country was changed to the Sultanate of Oman by then Sultan Qaboos bin Said.
In the year 1974, the Central Bank of Oman was established. The Central Bank of Oman is responsible issuance and circulation of the Omani Rial. The Omani rial is pegged to the US Dollar . The currency denominations are as under:
Banknote currency comes in the denomination of 100 baisas, and 200 baisas. ½ rial, 1 rial, 5 rials, 10 rials, 20 rials, and 50 rials. Coins circulated have denominations of 5 baisas, 10 baisas, 25 baisas, 50 baisas, 100 baisas, ¼ rial, and ½ rial.
Factors that affect the exchange of the Oman Rial to INR
The currency exchange is an important aspect of foreign trade between two countries. So when the Sultanate of Oman and India wants to carry out trade they need to carry out the trade in the currencies of each other countries. However, these foreign currency rates fluctuate on an everyday basis. Numerous factors affect the exchange rate of the Omani Rial and the Indian Rupee. Let us understand the most significant factors that affect the foreign currency exchange rate.
- Inflation Rate: Inflation refers to the purchasing power of a currency. The value of a certain product is different in two different currencies. This difference in the amount is the reason for understanding the foreign exchange rate . Typically, a nation having a low inflation rate has a strong currency while a country with a high inflation rate has a weak currency.
- Interest Rates: Every country uses the interest rate as a tool to modulate inflation levels. A higher interest rate will attract foreign investments thereby making the local currency stronger. However, keeping the interest rate high for a longer time will result in inflation thereby devaluing the local currency.
- Public Debt: when the government loan outweighs the economic growth of a country it devalues the local currency.
- Economic Stability: Economic stability can be ascertained by employment levels. If unemployment is huge in a country then it devalues the local currency.
- Political stability: A stable and performing political rule in any country is one of the important factors determining the foreign exchange rate. A country with good political stability has a stronger currency.
Convert Omani Rial to INR Online as per Today’s Conversion Rate
Let us understand the currency conversion between Omani Rial to Indian Rupee with an example.
Today’s foreign currency exchange rate between Omani Rial and Indian Rupee is 1 OMR = 213.09 INR. The value of 1 Omani Rial is equivalent to 213.09 Indian Rupees. This means the Omani Rial is stronger than the Indian Rupee.
Mr. Ahmed working in Oman wants to send 1000 OMR to India to his family. Therefore, as per today's rate, the family of Mr. Ahmed will receive 1000*213.09 = 2,13,092.68 Rupees.
Convert Omani Rial to INR
Similarly, if we want to understand the inverse currency rate between INR to OMR we can do the currency exchange by knowing the value of 1 Indian Rupee in Omani Rial. As of today, 1 INR = 0.0047 OMR. So, as of today, the value of 1000 INR is equivalent to 4.69 Omani Rial.
How are Omani Rial -INR Rates Determined?
The foreign exchange rates between the Omani Rial and the Indian Rupee are decided by the central banks of the respective countries. The Central Bank of Oman and The Reserve Bank of India attempt to keep the currency exchange rate of their currency at a favourable rate in the international currency market. Other factors that determine the international currency exchange rate is whether it is a floating currency exchange rate or a fixed exchange rate i.e., pegged to another foreign currency.
Omani Rial and INR Overview
Omani Rial and the Indian Currency have been traded in the forex market. Omani Rial has been one of the strong currencies as Oman’s economy has been on a boom due to oil reserves. The statistics of the Omani Rial to Indian Rupee over the last 30 days are as under:
|
Particulars
|
Statistics of the currency in the last 30 days
|
|
High
|
214.10
|
|
Low
|
212.10
|
|
Average
|
213.16
|
Dating back 1,00,000 years, the country has a rich history. The Portuguese had occupied the country from 1508 till 1970, when the country was finally set free. Home to many mystic mountains, deserts, wadis, drifting dunes, and lush green plantation, it is indeed a treat for your soul to vacation in Oman.
Some of the things that you should do when in Oman include enjoying the breathtaking view from the highest point in Oman – Jebel Shams, visiting the contemporary Sultan Qaboos Grand Mosque, going on a desert safari in the classic Sharqiya Sands, and enjoy at the Wadi Darbat waterfalls.
The variety that the country offers makes sure that there is something for everyone. So no matter what your age may be, Oman can be your next holiday destination.
The official currency of Oman is Omani Riyal (OMR) and is pegged to the US dollar. Does your overseas holiday trip depend majorly on the country’s on-going foreign exchange rate? Even after you have made up your mind to visit Oman, the Indian Rupee to Omani Riyal exchange rate will determine the quality of your holiday, isn’t it? It is essential to know the value of 1 INR to OMR to correctly forecast the forex requirement for the entire trip. If the foreign exchange is sorted in advance, then you won’t have to worry about the increasing foreign exchange rates. To avail the most competitive INR to OMR in the market, partner with Thomas Cook today.
Why Thomas Cook?
We understand the importance of a good holiday, and thus offer world-class solutions that enhance our customers’ travel experience. From best deals on hotels and flights to the best INR to Omani Riyal exchange rate, we have got solutions for your travel woes. Thomas Cook is one of the world’s most trusted travel and forex partners and it’s time that you trust us too. We take care of your travel requirements, while empowering you to focus on things that matter the most.
Today, there is barely anything that can’t be purchased online, then why not buy forex online? At Thomas Cook, we facilitate and encourage you to buy forex online and our trustworthy executives deliver your travel card securely at your doorstep within 24 hours of ordering.
