Nepali Rupee falls to a two-month low against US dollar backed by recovery of the US economy

Published On: December 7, 2021 06:45 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Dec 7: The Nepali Rupee weakened to a two-month low value against the US dollar, with Nepal Rastra Bank (NRB) fixing the exchange rate at Rs 120.98 per dollar on Tuesday.

According to NRB, the USD has gained a single day gain of 41 paisa against the Nepali rupee compared to the exchange rate of Monday. At present, the depreciation of domestic currency, which has been pegged with Indian currency, mainly due to the strengthening of the greenback with the US economy recovering in the aftermath of the coronavirus pandemic. According to Reuters, the US economy is estimated to have added 550,000 new jobs in November.

Two months ago, the price of the US dollar stood at Rs 121.12 per dollar, which plunged as low as Rs 118.73 per dollar over the period. The depreciation of the domestic currency could take the market price in an upward graph for the import based country like Nepal.


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