Nepali rupee at all-time-low against US dollar

KATHMANDU: The significant devaluation of Nepali rupee against US dollar will further affect foreign currency reserves and inflation, said economists.

The country will face an additional burden on the repayment of principal and interest of foreign debt due to the increasing exchange rate of the U.S. dollar, they said.

The Nepali currency is getting significantly weaker against the US dollar over the months owing to Russia- Ukraine war.

The Nepal Rastra Bank (NRB) has fixed the selling rate for one US dollar at Rs.128.29 for Thursday.

The Nepali rupee plunged to an all-time low against the US dollar today.

Nepali rupee has continuously depreciated against the US dollar for the last few weeks, with depreciating by Rs. 8.61 per dollar in past one year. As of July 21, 2021 a dollar could fetch Rs. 119.68.

Under the current system, the exchange rates quoted by different commercial banks may differ, the NRB said.