Prime Minister Narendra Modi is currently in Oman, the final leg of his three-country Gulf tour. A significant number of Indians work in this Gulf nation, and its currency, the Omani Rial, is considered one of the strongest in the world—so strong that even the US Dollar pales in comparison.
Oman’s Economic Strength
Oman, spanning 309,500 sq km with a population of around 5.5 million, hosts approximately 781,000 Indians, according to India’s Ministry of External Affairs. One Omani Rial is currently worth ₹235, and in comparison to the Indian Rupee—which has fallen nearly 6% against the US Dollar this year—the Rial remains exceptionally strong.
The strength of the Omani Rial is backed by the country’s vast reserves of oil and natural gas, a stable economy, and a substantial foreign currency reserve.
Trade Between India and Oman
India imports crude oil, LNG, urea, and petroleum coke from Oman. It also imports various chemicals, gypsum, and aluminum, which are crucial for India’s power, fertilizer, and industrial sectors. In return, India exports mineral fuels, chemicals, precious metals, iron and steel, grains, ships, electrical machinery, boilers, tea, coffee, spices, textiles, and food items to Oman.
Low Population, High Income
Oman’s relatively small population contributes to its high per capita income, which strengthens its ability to maintain a stable and powerful currency. Currently, 1 Omani Rial equals 2.60 US Dollars, making it stronger than the US Dollar. Only a few currencies worldwide are stronger than the Dollar, including:
- Kuwaiti Dinar
- Bahraini Dinar
- Jordanian Dinar
- British Pound Sterling
- Gibraltar Pound
- Cayman Islands Dollar
- Swiss Franc
- Euro
The Omani Rial’s strength, combined with the country’s stable economy and high per capita income, makes it one of the most resilient currencies in the world—an enviable position even for major global powers.
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