Dollar Soars to a New High Against Nepali Rupee

The US dollar hit a record high against the Nepali rupee on Tuesday, December 16.

According to Nepal Rastra Bank (NRB), the buying rate of one US dollar was fixed at Rs 144.88, while the selling rate stood at Rs 144.48 for the day.

The continued depreciation of the Nepali rupee has been largely driven by the weakening of the Indian rupee, which has fallen to a record low against the US dollar. Indian media reported that the Indian rupee slipped to an all-time low of 90.83 per US dollar on Tuesday.

As the Nepali rupee is pegged to the Indian rupee, and domestic dollar rates are determined on that basis, any weakness in the Indian currency directly impacts the Nepali rupee.

Analysts attribute the fall in the Indian rupee to several factors, including the impact of a 50 percent US tariff on Indian goods, which has hurt exports.

A stronger dollar raises Nepal’s import bill and increases the cost of servicing foreign debt, as most payments are made in US dollars. However, it also boosts remittance inflows, export earnings and tourism receipts when converted into local currency.

Meanwhile, the buying rate of one euro was set at Rs 170.20 and the selling rate at Rs 170.90. The UK pound sterling was quoted at Rs 193.95 for buying and Rs 194.75 for selling.

The Swiss franc was traded at Rs 182 for buying and Rs 182.75 for selling, the central bank said.

Similarly, one Australian dollar was priced at Rs 96.29 for buying and Rs 96.69 for selling. Ten Japanese yen were traded at Rs 9.35 for buying and Rs 9.39 for selling. One Chinese yuan was fixed at Rs 20.56 for buying and Rs 20.64 for selling.

(With inputs from RSS)