Nepal Rastra Bank, the central monetary authority, has fixed the exchange rate at Rs 93.79 per US dollar for Wednesday, marking a loss of 86 paisa against Tuesday´s exchange rate. [break]
Nepali rupee has lately been losing its value due to weakening of the Indian currency. Indian rupee plunged to a record low of 58.38 against the dollar on Tuesday, down from 57.98 recorded on Monday.
The latest slump in the value of Nepali currency is expected to drive up import bills, while giving some relief to exporters. However, exporters, who manufacture products using imported goods, will not benefit from the latest fall of Nepali rupee.
But the depreciation in the value of Nepali rupee will bring smiles on the faces of remittance receivers as they will get more Nepali rupee while exchanging US dollars.
According to online portal of The Economic Times, the Indian currency has fallen more than eight percent since the beginning of May.
"Certainly we are not happy with it, but we certainly are not unduly worried," Arvind Mayaram, economics affairs secretary at the Indian Ministry of Finance, told reporters in New Delhi.
"This is a temporary phase," Mayaram further said, adding that the government´s expected foreign bond buying will give a lift to the rupee.
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