Nepal Rastra Bank. (File photo)
KATHMANDU: Nepali currency has become the weakest in history on Tuesday.
The value of the US dollar has been steadily rising in recent times due to the effects of the Russia-Ukraine war.
The rise in the value of the US dollar has an impact on the Nepali rupee. Nepal Rastra Bank (NRB) today (Tuesday) set the buying rate of US dollar at Rs 122.84 and the selling rate at Rs 123.44 respectively. This means that one has to pay 123 rupees 44 paisa to buy one US dollar.
Rising global demand and a stronger US economy are the main reasons for the dollar’s rise. The Nepalese currency has a fixed exchange rate with the Indian rupee. The Nepali rupee has also been weakening in recent times as the Indian rupee has depreciated against the dollar.
The high value of the US dollar could have a negative impact on Nepal’s economy.