Omani Rial Rates
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Latest Omani Rial Exchange Rate News
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Overview - OMD
In 1970, the rial Saidi was made the currency of Oman and was equal to 1 British Pound, replacing the Gulf rupee at a rate of approximately 21 rupees to the rial. The new rial was subdivided into 1000 baisa. The rial Omani replaced the rial Saidi at par in 1973. The currency name was altered due to the regime change in 1970 and the subsequent change of the country's name.
The bank notes are split made up of 100 biasi, ½ rial, 1 rial, 5 rials, 10 rials, 20 rials and 50 rials.
From 1973 to 1986, the rial was pegged to U.S. dollar at 1 rial = 2.895 dollars. In 1986, the rate was changed to 1 rial = 2.6008 dollars, which translates to approximately 1 dollar = 0.384497 rial. The Central Bank buys U.S. dollars at 0.384 rial, and sells U.S. dollars at 0.385 rial. The rial is the third highest-valued currency unit after the Kuwaiti and Bahraini dinars.