April 7: Nepal Rastra Bank (NRB) has reduced the reference rate of US dollar on Friday. According to the foreign currency exchange rate set by the central bank for Friday, the buying rate of 1 US dollar is Rs 130.72 and the selling rate is Rs 131.32.

On the previous trading day, the NRB had fixed the exchange rate of 1 US dollar at Rs 130.91 and the selling rate at Rs 131.51.

After the Reserve Bank of India, the central bank of India, announced that it will keep the repo rate as it is, experts say that the value of the US dollar in Nepal has decreased as the Indian currency has strengthened. When the Indian currency becomes stronger, the US dollar tends to weaken in Nepal and the Nepalese currency is pegged with the Indian currency

The buying rate and selling rate of the dollar set by nine commercial banks are lower than the price set by the central bank on Friday. Among them, NMB Bank has the lowest dollar purchase rate.

Similarly, the buying rate and selling rate of dollar of 11 commercial banks are higher than the value determined by the NRB. The dollar exchange rate set by the banks is lower than on Thursday.