US dollar gains, pushes gold price up too

The Nepali rupee today dropped to less than Rs 100 against the greenback.

Though the central bank has fixed Rs 99.72 as the reference selling rate for one US dollar for today, the banks sold a US dollar at above Rs 100 as they have been allowed to fix their own rate. 

The central bank has fixed Rs 100.32 as the reference selling rate for a US dollar for tomorrow.

The US dollar – due to weak Indian currency with which Nepali currency is pegged – has been below Rs 100 after October 3.

The Indian rupee hit its low of Rs 62.58 today the lowest since October 2 on sluggish domestic equities and demand from private oil companies – according to news agencies – pulling the Nepali rupee along with it.

Likewise, the precious yellow metal has also gained Rs 200 per tola – 11.664 gram – in the domestic market and being traded at Rs 56, 200 per tola due to string US dollar.