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The Omani rial (Arabic: ريال, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 baisa (also written baisa, بيسة).
From 1973 to 1986, the rial was pegged to the U.S. dollar at 1 Omani rial = US$2.895. The rate was changed in 1986 to 1 Omani rial = US$2.6008, which translates to approximately US$1 = 0.384497 rial. The Central Bank of Oman buys U.S. dollars at 0.384 Omani rial, and sell U.S. dollars at 0.385 Omani rial. It is the third-highest-valued currency unit after the Kuwaiti dinar and the Bahraini dinar.
Until 1940, the Indian rupee and the Maria Theresa thaler (known locally as the rial) were the main currencies circulating in Muscat and Oman, as the state was then known, with Indian rupees circulating on the coast and thaler in the interior. Maria Theresa thaler were valued at 230 paisa, with 64 paisa = 1 rupee
In 1940, coins were introduced for use in Dhofar, followed, in 1946, by coins for use in Oman. Both coinages were denominated in baisa (equivalent to the paisa), with 200 baisa = 1 rial. The Indian rupee and, from 1959, the Gulf rupee continued to circulate. On 6 June 1966, India devalued the Gulf rupee against the Indian rupee. Following the devaluation, several of the states still using the Gulf rupee adopted their own currencies. Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound, when it adopted the rial Saidi.
In 1970, the rial Saidi (named after the House of Al Said, not to be confused with Saudi riyal) was introduced as the currency of Oman to replace the Gulf rupee. It was equal to the British pound sterling and 1 rial Saidi = 21 Gulf rupees. The rial Saidi was subdivided into 1000 baisa. The Omani rial replaced the rial Saidi at par in 1973. At that time, the currency became pegged to the US dollar at 1 Omani rial = US$2.895, instead of the pound sterling, a rate that would continue until 1986, when it was devalued by about 9% to 1 Omani rial = US$2.6008. The currency name was altered due to the regime change in 1970 and the subsequent change of the country’s name. Since 1975, new coins have been issued with the country’s name given as Oman.
In the 1890s, coins for 1⁄12 and 1⁄4 anna (1⁄3 and 1 paisa) were minted specifically for use in Muscat and Oman.
In 1940, coins were issued for use in Dhofar in denominations of 10, 20 and 50 baisa. 1⁄2 rial coins were added in 1948, followed by 3 baisa in 1959. In 1946, 2, 5 and 20 baisa coins were introduced for use in Oman. These were followed, between 1959 and 1960, by 3 baisa, 1⁄2 and 1 rial coins.
In 1970, a coinage for all of Muscat and Oman was introduced. Denominations were 2, 5, 10, 25, 50 and 100 baisa. In 1975, new coins were issued with the country’s name given as Oman. 1⁄4 and 1⁄2 rial coins were introduced in 1980.
Coins currently circulating are 5, 10, 25, 50 and 100 baisa, 1⁄4 rial and 1⁄2 rial.
Coins with the value of 100 baisa and above will lose their monetary value on 20 May 2020.
# OMANI RIAL INDIAN RUPEES RATE TODAY
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