Nepali rupee falls 11-month low against US dollar

Kathmandu, May 31 – The Nepali currency has depreciated to an around 11-month low on Thursday against US dollar as Nepal Rastra Bank (NRB) has fixed the exchange rate at Rs. 90.06 per dollar for Friday.

The Nepali rupee has dipped following the depreciation of Indian currency against the US dollar. The value of Nepali rupee was Rs 89.79 a dollar on Thursday.

The Indian currency had dropped to IRs. 56.3750 per US dollar on Thursday. The fluctuation in the Indian currency changes the value of the Nepali rupee.

The value of Nepali currency had depreciated to all time low to Rs. 91.88 per dollar on June 23, 2012.

The rise in the value of dollar will have direct impact on the government’s cost as it has to pay the loans in dollar to the donors. Similarly, the increase in the value of dollar is also expected to increase cost of the imported goods.