KATHMANDU: Nepali rupee will weaken to an all-time low on Friday.

According to the foreign exchange rate list of Nepal Rastra Bank, each dollar will fetch Rs 133.34 on Friday.

The exchange rate of rupee was fixed at Rs 133.03 versus dollar on Thursday. The previous all-time low for the rupee was on October 10 last year, when it had traded at Rs 133.14.

The prime reason for weakening of the local currency is weakening of the Indian rupee with which it is pegged. The Indian currency weakened against the US dollar on Thursday, as the strength of the foreign unit and the benchmark bond yields continued to weigh on investor sentiment.

The Indian rupee weakened 19 paise to close at 83.15 against the US dollar on Thursday.

A version of this article appears in the print on August 18, 2023, of The Himalayan Times.