Propagation characteristics of a PCF structure with elliptical holes arranged in a rhombic fashion has been presented in this work. Designed fiber has both circular and elliptical air holes arranged in the cladding region. The three innermost ring has elliptical holes following rhombic arrangement. Rest all are circular holes. Designed PCF structure exhibits very low dispersion at higher communication wavelengths. But at lower optical wavelengths, almost zero dispersion has been reported. Besides this, obtained confinement loss is much lower and is in the order of 10-15.