KATHMANDU, Sept 27: The value of the US dollar has hit an all-time high in Nepal.
The value of the US dollar compared to the Nepali currency has been continuously increasing and has started making new records every day. On Tuesday, the exchange rate of one US dollar reached Rs 130.90. This is the highest rate ever.
Nepal Rastra Bank (NRB) has fixed the exchange rate of one US dollar at Rs 130.90 for today. Last Saturday, the price of the dollar reached Rs 129.89. As the value of the US dollar continues to rise, the Nepali currency is becoming weaker and weaker.
In recent days, the demand for the dollar in the world market has increased, so its price has increased. Since the Nepali currency is pegged to the Indian currency, the weakening of the Indian currency against the dollar has also led to the depreciation of the Nepali currency. There is a fixed exchange rate between the Nepali and Indian currencies.
With a stable exchange rate, a large part of Nepal's total foreign trade is dependent on India. Therefore, when the exchange rate of the Indian currency falls, the Nepali currency is also directly affected.