KATHMANDU, May 10: The Nepali currency slid to an all-time low against the US dollar with Nepal Rastra Bank (NRB) fixing the price of American currency at Rs 123.65 per dollar on Tuesday.
According to the exchange rate set by NRB for May 10, the buying rate of the dollar is Rs 123.65 and the selling rate is Rs 124.25 per dollar. It is an all-time high US dollar rate in the Nepali currency market.
Nepali rupee hits new low against US dollar
As the Indian currency continues to weaken against the dollar, the Nepali currency has automatically plunged. The Nepali currency is pegged with the Indian rupee.
At a time when Nepal has been facing pressure on its foreign currency reserves, the depreciation of its domestic currency could further worsen the country’s net inflow amount.
Nepal highly depends on imported goods so when the value of the dollar rises, the market price grows significantly.
