Nepal | April 19, 2019

Rupee depreciates

Himalayan News Service

KATHMANDU: Nepali rupee will have depreciated by nearly one per cent in a single day based on Nepal Rastra Bank’s exchange rate for Tuesday, when $1 will fetch Rs 116.23, in a fresh all-time low.

On Monday, the exchange rate for Nepali currency had been set at 115.08 vis-à-vis the US dollar. Nepali currency has come under pressure owing to devaluation of the Indian rupee with which it is pegged. Indian TV channels reported on Monday, citing finance ministry sources that the Indian government is considering measures to stop further depreciation of the Indian rupee, including a special deposit scheme for non-resident Indians.

The Indian rupee has fallen by nearly 15 per cent against the US dollar this year, and touched a new record low of 72.66 on Monday.


A version of this article appears in print on September 10, 2018 of The Himalayan Times.

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