Rupee slips to record low

Kathmandu: Nepali rupee has slipped to as record low of Rs 83.40 per dollar.

The fall in Asian stock market brought the Indian ruppes — that is pegged to Nepali rupee — down by dragging the Nepali rupees to record low.

The rupee against dollar has depreciated by around seven per cent in 2009 and 28.5 per cent in comparison to the exchange rate

a year ago.

Though, commercial banks’ are free to fix their own exchange rate, the central bank has set an exchange rate of Rs 83.40 — per dollar for tomorrow’s trading — Rs 0.40 more than today’s rate. Any volatility in the Indian currency market directly affects Nepali rupee vis-à-vis the US dollar due to direct relation between the Nepali and Indian rupee. The Indian rupee was Rs 52.05 per dollar on Friday.