October 10: The value of the US dollar is gradually increasing thus making the Nepali currency weaker.
According to the Nepal Rastra Bank (NRB)’s foreign exchange rate for today (October 10), the purchasing rate of the US dollar is Rs 131.42 while the selling rate is Rs 132.02 per unit.
At the start of this year on January 1, the purchasing rate of the US dollar was Rs 118.64 while the selling rate was Rs 119.24.
The rising value of the US dollar is estimated to hurt the nation's economy.
Although the rise in the dollar's value will have a positive impact on remittance inflow, the nation's overall economy subsequently face its consequences.
Inflation, additional investment in the payment for foreign consultants and the additional burden in the payment of foreign debt and its interest are some of the major consequences of it.
The rise in the value of the US dollar has its impact on the Indian currency and this will have its effects on the Nepali currency which is pegged to the Indian currency. (With inputs from RSS)