KATHMANDU: The value of Nepali rupee will further depreciate on Friday, fetching Rs 113.49 per each US dollar.

The Nepali currency had set a new record only on Thursday, when the local currency had fallen by 0.69 per cent to Rs 113.25 vis-à-vis the greenback against Rs 112.47 on Wednesday.

Nepali currency has witnessed steep devaluation as the free fall of the Indian rupee — against which the Nepali rupee is pegged — refused to stop on Thursday.

The Indian currency had hit a new low of 70.82 against the US dollar in morning trade.

The weakening of the currency in the last couple of days has been attributed to month-end dollar demand from importers, according to Indian media reports.