Dollar rate increases by Rs. 17 in a year

The exchange rate of Nepali Rupee (NPR) against US dollar has depreciated by around 15 percent in the fiscal year 20111/12 compared to the previous fiscal year 2010/11.

The US dollar rate has increased by Rs. 17.57 from Rs. 71.35 per dollar in June 15, 2011 to Rs. 88.92 per dollar in June 15, 2012.

The Nepali currency has also depreciated to historical record low as dollar value went by over Rs. 90 per dollar last fiscal year. The Nepali currency has depreciated to record low of Rs. 92 against US dollar in June 28, 2012.

The Nepal Rastra Bank (NRB) fixes the exchange rate based mainly on the fluctuation in the Indian currency against US dollar.

The central bank has also fixed the exchange rate at Rs. 87.74 per dollar for Wednesday. The devaluation of Indian currency against US dollar is one of the reasons for the devaluation of rupee which is pegged with the Indian currency. Nepalnews.com