Rupee hits new low of 108.90 per dollar
KATHMANDU , AUG 29 -
The Nepali rupee sank to a record low against the US dollar , with the Nepal Rastra Bank ( NRB ) determining the exchange rate at Rs 108.90 a dollar for Thursday.
The US dollar has become expensive by more than Rs 10 in a month’s time, resulting in imported goods becoming expensive, while those going abroad for studies are having to pay more and the remittance inflow has gone up.
The Nepali unit’s depreciation against the greenback is mainly because of its peg with the Indian rupee.
Although currency devaluation is beneficial for exports, Nepal is less likely to benefit because of its small export basket. The strengthening of the US dollar will increase the cost of imports from third countries (other than India), as Nepal should spend more to support import bills.
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