Dollar starts appreciating again

KATHMANDU, Nov 19:

The exchange rate for the US dollar has once again started its ascent against the Nepali currency as the Indian currency has weakened in the international forex market.

Nepal Rastra Bank has determined Rs 87.95 as the exchange rate for the buying rate for tomorrow based on today’s forex trading.

The Nepali currency that is pegged to the Indian currency slid as the Indian currency slipped to a two-month low at IRs 55.16.

Forex analysts have blamed concerns over the macro-economic scenario in India for the current slide

of the Indian currency.

The exchange rate of US dollar that had reached Rs 91.28 in June — the highest ever — weakened after the Indian government took steps to reform its slowing economy.

The exchange rate for the dollar had reached Rs 82.39 in October.

Families who receive remittance from abroad benefit from the appreciation of the US dollar.

Likewise, a higher US dollar exchange rate is desirable for exporters while the situation causes the price of imported goods to increase.

Source: THT