Rupee tumbles to fresh all-time low of 109.77

Kathmandu February 17- Nepali rupee has plunged to fresh all-time low against the US dollar, as Indian currency came under pressure after investors started dumping Indian assets.

Nepali rupee, which closed at 109.30 against the greenback on Tuesday, will lose 47 paisa by the time markets open on Wednesday to trade at 109.77, reference rate of Nepal Rastra Bank shows.

This is the first time rupee had plunged to this level. The last time the currency had hit a historic low was on February 11, when the value of rupee had tumbled to 109.48 per dollar.

Nepali rupee’s rise and fall depends on the movement of the Indian currency because Nepali rupee is pegged to Indian rupee at 1.6.