Rupee further depreciates; exchange rate goes higher than NRB’s fixed rate

The Nepali Rupee (NPR) against US dollar has further depreciated to new record low of Rs. 89.91 per US dollar on Thursday following the depreciation of Indian Currency (IC).

The Nepal Rastra Bank (NRB) has fixed the exchange rate of Rs. 89.91 per US dollar while the buying price at Rs. 89.31 for Thursday.

Though the central bank had fixed the exchange rate of Rs. 88.23 per US dollar for Wednesday, the market witnessed exchange of Rs. 90.10 per US dollar following the devaluation of IC up to Rs 56 against US dollar on the day.

The huge dollar demand from oil firms and weak risk sentiment has deprecated the value of IC, according to Indian media.

The rise in the value of US dollar against Rupee will have serious impact on the country’s economy impacting rise in inflation rate as the imports of goods from the third countries will be expensive, according to economists.

Similarly, expenses will also rise while going for overseas studies, treatment and other purposes. However, the Nepalis getting remittance will get more in exchange. nepalnews.com