Monday, June 10, 2013

Nepali rupee hits historic low

Nepali rupee hit a record low of Rs 92.93 against the US dollar, according to the central bank that has fixed Rs 92.93 selling price and Rs 92.33 buying price for Tuesday.
According to liberal market, however, the banks can fix their own rate based on central bank's reference rate that has fixed Rs 91.14 for a US dollar for today.
The Nepali rupee has lost around Rs 10 in last 11 months as it was traded at the high of Rs 82.99 against the US dollar from the low of Rs 91. 88 almost a year back.
The Nepali rupees lost due to weaker Indian rupee against the US dollar and pulled Nepali rupee down too.
The Indian rupee hit a record low of IRs 57.54 against the dollar on growing demand for dollars among oil importers, while the greenback was also boosted by upbeat US jobs data, according to the reports.
Nepali rupee is pegged at Rs 160 with Indian rupee to anchor it.
However, at times the weaker Indian rupee will pull Nepali rupee down hurting imports, though it is beneficial for the remittance inflow.

Date            Dollar exchange rate
2012-07-26            Rs 89.70
2012-10-17            Rs 82.39
2012-11-12            Rs 87.30
2013-05-30            Rs 89.46
2013-06-10            Rs 91.14
2013-06-11            Rs 92.33
(Source: Nepal Rastra Bank)

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