Nepali rupee hits record low of Rs. 100.60 per dollar
The Nepali rupee has hit a historic all-time low against the US dollar with the Nepal Rastra Bank (NRB) fixing the exchange rate at Rs. 100.60 per dollar for Tuesday.
The domestic currency depreciated against the dollar following the devaluation of Indian currency (IC) as the former is pegged with the Indian rupee.
On Monday, the Indian currency dipped to record low to IRs. 62.49 per dollar with which the domestic currency is also pegged as the transaction rate of Nepali rupee is fixed at Rs. 160 for IRs. 100.
The previous record low was Rs. 99.02 per dollar on August 17 and 18, after Indian rupee fell to a record low of IRs. 62.03 per dollar on August 16.
As the foreign investors are pulling their investment out of the country due to economic concerns, the value of Indian rupee has been depreciating almost on a daily basis.
International investors have withdrawn US$11.58bn in shares and debt from India's markets since the beginning of June, BBC quoted official data in its reports. nepalnews.com