KATHMANDU: Continuing its downward trend Nepali currency has further depreciated against the US dollar as the Nepal Rastra Bank has set its selling exchange rate at Rs 105.31 per dollar for Wednesday.
The Nepali rupee is pegged with Indian currency, which reached IRs 65 per dollar on Tuesday. The Indian currency had dipped to its lifetime low of IRs 65.56 against the greenback on August 22.
Though Nepal’s central bank fixed the exchange rate at Rs. 103.01 a dollar, the market rate exceeded above Rs 105 a dollar on Tuesday.
As per the existing system, the market exchange rates quoted by the commercial banks may, however, differ. Amid voices to readjust or remove peg of the Nepali rupee with Indian currency, NRB Governor Yuba Raj Khatiwada has said that delinking the peg at the moment could bring more problems to the economy. The Nepali currency is pegged to the Indian rupee (IRs. 100 = NRs. 160.15).
Meanwhile, despite the festival season, the Gold price has increased by Rs 1,000 per tola (11.644 gm) on Tuesday and reached to Rs 59,900 per tola in Nepal’s domestic market.
The price of the precious metal has been continuously increasing in Nepal following an increment in price in the international market. The price had increased by Rs 2,400 per tola just over last week. With the start of festival season people are getting difficulty to buy the precious yellow metal as it has been continuing its upward trend.
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