Nepali currency is being cheaper against the US dollar owing to the stronger US economy. NRB, the central bank has fixed exchange rate for Saturday with the reference buying rate for one US dollar at Rs 114 and 66 paisa
Under the current system, the market exchange rates quoted by different commercial banks may differ, according to the NRB. According to spokesperson of NRB, the value of Nepali rupee declined against the US dollar due to appreciation the US dollar in the world following its improving economy.
The value of Nepali rupee declined against the US dollar due to the depreciation of the Indian currency against the dollar, he said and added that the devaluation of Indian currency against US dollar affected directly in Nepalese economy as the Nepali rupee is pegged with the Indian currency.
Nepali rupee has a fixed exchange rate, Rs 160 for IRs 100, with the Indian currency.
US economy is being stronger lately due to appreciation of the exchange rates of US dollar in the world. The value of US dollar was highest almost two years ago. Nepalese economy will be affected badly from the appreciating of the US dollar as Nepal’s economy based on import.
The positive effect will be seen in the increased value of remittance sent home by migrant workers and income from export. Export volume of the country is nominal, therefore, the country will not able to take maximum profit from this.
The country will face additional burden on balance of payment due to increase of dollar rate . Stating that Dashain and Tihar festivals are coming, he said that appreciation of US dollar will affect Nepal’s economy as the country has to import even expensive goods targeting the festival.
Exchange Rates Fixed for 14 September by Nepal Rastra Bank
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