MUSCAT: Even as oil and gold soared, currencies and stocks witnessed the biggest fall of the recent years following frantic trading on Monday.
In Asia, most currencies fell with the Indian rupee bearing the brunt after being hit against the US dollar following the global economic turmoil caused by the Russia-Ukraine war.
According to reports from money exchanges in Muscat, Indian Rupee fetched a record 199.50 against one Omani rial although currency converter XE.com indicated Rs 200.532 at the end of trading on Monday.
The rupee opened at 76.85 against the US greenback, then slipped further to 76.98, registering a decline of 81 paise from the last close.
While the Pakistani Rupee got 456 against one rial Omani, Bangladeshi takka and Philippines peso received 223 and 134.50 respectively on Monday evening.
“There has been a fall across the board in all Asian currencies. And the reasons include a surge in oil prices and sanctions against Russia following its war with Ukraine”, said Amit Talukder, General Manager, Global Money Exchange.
Markets worldwide have already swung wildly on worries about the Ukraine-Russia conflict, Amit said, adding, “If the war continues, it will dominate market sentiments”, he said.
In Europe, the euro fell 0.6 per cent to $1.0866, its lowest level since May 2020 while the British pound declined 0.5 per cent against the dollar to its lowest level since November 2020.
On the bullion market, Gold prices hit $2,000 for the first time in 1-1/2 years, with investors rushing to the safe-haven metal while palladium hit an all-time high on Monday.
In the Sultanate of Oman, jewellers reported RO 24.250 per one gram of 22 karat gold while 21 karat was sold at RO 21.800.
US and European ban on Russian crude oil imports threatened stretched supply chains and heaped further inflationary pressure on economies worldwide.
@samkuttyvp
