The Nepali currency set to its lowest level in history on Tuesday.
Due to the impacts of the Russia-Ukraine conflict, the value of the US dollar has been steadily growing in recent years.
The Nepali currency is affected by the rise in the value of the US dollar.
The Nepal Rastra Bank (NRB) fixed the US dollar buying rate at Rs 122.84 and the selling rate at Rs 123.44 today (Tuesday). This means that one US dollar costs 123 rupees 44 paisa to purchase.
The dollar’s increase is primarily due to rising worldwide demand and a stronger US economy. The exchange rate between the Nepalese currency and the Indian rupee is set.
The Nepalese rupee has also been weakening in recent times as the Indian rupee has depreciated against the dollar.
Nepal’s economy may suffer as a result of the high value of the US dollar.