Nepali rupee at record 82.20 per US dollar

KATHMANDU, March 1: Plagued by the continuing strength of the US dollar in global currency markets, the partially convertible Nepalese rupee has further weakened to a record low against the greenback, losing another 52 paisa and settling at an exchange rate of Rs 82.20 for Monday’s trading. [break]



Nepal Rastra Bank, the central bank, had set an exchange rate of Rs 81.68 per US dollar on Friday, but was forced to further devalue the domestic currency and fix the selling rate at Rs 82.20 per dollar for Monday. The buying rate for Monday has been set at Rs 81.60.







As Nepal maintains a fixed currency peg with the Indian rupee, any volatility in the Indian currency market directly affects the exchange rate of the Nepali rupees vis-à-vis the US dollar.



The Indian rupee had entered into uncharted territory on Friday, breaching the 51 rupee mark against the US dollar and ending the day at Indian Rs 51.16, down from Thursday’s closing of Indian Rs 50.45 per dollar.

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