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INR
Buy, Sell or Transfer Omani Rial (OMR) in India at the best exchange rates
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| Omani Riyal Rate in Top Cities |
| Omani Riyal Rate in Mumbai |
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| Omani Riyal Rate in Tripur |
OMR or the Omani Riyal is one of the most strongest and successful currencies in the world. Omani Riyal is the national currency of the Sultanate of Oman and is issued by the National Bank of the region. One of the major reasons behind the currency's popularity is its divisibility by 1000 baisa. This factor not only increases its value but also makes it one of the most expensive currencies across the globe. The availability of oil reserves in the region, and its global export market plays a major role in keeping the OMR stable and valuable.
It was in 1973 that the region of Oman got a national currency of its own. Before 1973, the region didn't have any regional currency of its own, rather they used currencies like Indian Rupee and Maria Theresa Thaler. However, with a change in power, when the popular ruler Sultan Qaboos Bin took over the throne, the OMR was introduced. Later, a national bank was also established for the flow and issuance of the same. Currently, the value of Oman is pegged to USD which keeps it stable. Since 1986, its value has been fixed, making $2.6 equal to 1 Omani Riyal. However, following the daily exchanges, the exchange rate of OMR to other currencies keeps fluctuating.
Omani Riyal has been pegged to the US Dollar at a fixed rate of 2.5 USD per OMR. So, there is no chance of any upcoming changes to this rate. However, for other currencies like INR, the exchange rate of OMR is likely to change every now and then depending on various factors involved. As of today, the exchange rate of OMR to INR is INR 213.09/OMR.
Oil prices majorly affect the economy and overall international presence of Oman and its currency. The global market of oil and the major export markets of Omani oil production heavily manipulate the value of OMR. This is one reason why Oman is also looking for alternate international trade products to cut its dependence on oil production. Apart from this, the global value of USD is also likely to impact the value of OMR since it is pegged to the US Dollar.
Converting one currency to another is done on the basis of the current exchange rate. It is the rate at which you can change one currency for another, say OMR to INR. Owing to the current rate, the value of 1 OMR is INR 213.09. This means, in exchange for 1 OMR in India, you will receive INR 213.09. Let's see an example:
Kangana Mehra is an employee in Oman and has to immediately send some money to her sister in India. As of today's rate, which is INR 213.09/OMR, Kangana wants to send OMR 10,000 to her sister. So, her sister in India will receive INR 2,130,900.
Prior to exchanging your currency, it is advised to check the expected results on the currency converter. As the name suggests, this online tool lets people calculate the amount that they will be getting by exchanging one currency for another as per the current exchange rate. In the case of OMR to INR, the calculations will be:
1 OMR= INR 213.09
100 OMR= INR 21,309
1000 OMR= INR 213,090, and
INR 1= 0.0047 OMR
INR 1000= 4.7 OMR
INR 10,000= 47 OMR.
OMR to INR rates fluctuate since INR is a free-floating currency and OMR is pegged to the US Dollar. Today's exchange rate of OMR-INR is INR 213.09 per OMR. The rates are fixed by the monetary authority of both countries. The Reserve Bank of India and the Central Bank of Oman are the national banks of the respective countries. Depending on the international commodity and oil prices and the economic progress of both countries, the exchange rates are fixed.
It was back in 1964 when the oil reserves were discovered in Oman and since then, the value of Oman has kept advancing. OMR is currently pegged to the USD at 2.5 USD/OMR. Being one of the highly valued currencies, Omani Riyal has also gone through several changes and currently, the currency is issued in both banknotes and coins. On the other hand, Indian National Rupee has also undergone major changes with demonetisation being the most recent change. If you are planning to make OMR-INR transactions, do not forget to try and take the help of the currency converter which will give you a quick detail of the amount you will receive post-conversion.
Disclaimer: The figures are for illustrations only, as the currency rates are subject to change. Why Thomas Cook?
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