Rupee at all-time low

KATHMANDU: The Nepali currency will be devalued to a historic low visà-vis the US dollar on Thursday.

Against Wednesday’s exchange rate of Rs 122.34 per dollar, the central bank’s reference rate for Thursday shows each US dollar will fetch Rs 122.61.

Nepali rupee, which is pegged with the Indian currency, has slid against the dollar as the Indian rupee has come under pressure. The rise and fall of the Indian currency directly affects the Nepali exchange rate.

The Indian rupee pared early gains and settled for the day 17 paisa lower at an all-time low of 76.44 (provisional) against the US dollar on Wednesday, tracking weak domestic equities and strengthening of the American currency overseas.

A version of this article appears in e-paper on April 16, 2020 of The Himalayan Times.