Nepali rupee depreciates further against dollar
Nepali rupee has further depreciated by Rs. 2.03 a dollar as the Nepal Rastra Bank (NRB) fixed the reference exchange rate at Rs. 103.50 per dollar for Friday.
Nepali currency (NC) has been depreciating against the dollar for the last few months following the devaluation of Indian currency (IC) as the NC is pegged with the IC.
On Thursday, the IC had dipped to an all-time low of IRs. 65.04 against a dollar despite intervention from the Reserve Bank of India (RBI).
The IC is in the freefall trend due to outflow of the capital from the Indian economy. nepalnews.com