KATHMANDU: Jan 7
Nepali rupee has fallen to one-month-low of Rs 100 per US dollar once again.
For tomorrow, Nepal Rastra Bank (NRB) has fixed reference exchange rate of Rs 100 per US dollar as selling rate based on today’s Forex trading of the commercial banks. Likewise, buying rate for the US dollar is fixed at Rs 99.40.
US dollar’s exchange rate had last crossed 100-rupee mark on
December 4. Since then, Nepali rupee has remained below Rs 100. Since the beginning of 2014, Indian currency —with which Nepali rupee is pegged—has been unable to stand its ground against the US dollar.
In the past couple of days, the performance of Indian stocks has been disappointing which has created fear among foreign institutional investors, who are withdrawing their investment from Indian stocks. Moreover, strengthening of the dollar against a basket of Asian currencies has also hit the Indian rupee.
Strong dollar is desirable for exporters as their exports will fetch higher amount, while imports will become expensive in the domestic market. Likewise, Nepali migrant workers, who send home money, are also better off when dollar becomes stronger. However, paying for the tuition fees and accommodation of students studying in foreign countries will be a bit difficult.
Nepali rupee has fallen to one-month-low of Rs 100 per US dollar once again.
For tomorrow, Nepal Rastra Bank (NRB) has fixed reference exchange rate of Rs 100 per US dollar as selling rate based on today’s Forex trading of the commercial banks. Likewise, buying rate for the US dollar is fixed at Rs 99.40.
US dollar’s exchange rate had last crossed 100-rupee mark on
December 4. Since then, Nepali rupee has remained below Rs 100. Since the beginning of 2014, Indian currency —with which Nepali rupee is pegged—has been unable to stand its ground against the US dollar.
In the past couple of days, the performance of Indian stocks has been disappointing which has created fear among foreign institutional investors, who are withdrawing their investment from Indian stocks. Moreover, strengthening of the dollar against a basket of Asian currencies has also hit the Indian rupee.
Strong dollar is desirable for exporters as their exports will fetch higher amount, while imports will become expensive in the domestic market. Likewise, Nepali migrant workers, who send home money, are also better off when dollar becomes stronger. However, paying for the tuition fees and accommodation of students studying in foreign countries will be a bit difficult.
Source: THT
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