US dollar weakens against rupee

KATHMANDU, July 4:

The exchange rate of the US dollar is backtracking against the Nepali currency as the Indian currency (INR) has strengthened in the international forex market in recent days.

Nepal Rastra Bank has determined Rs 87.35 as the exchange rate as buying rate for tomorrow based on today’s forex trading.

On June 23, the US dollar’s

exchange rate had crossed Rs 91.30 following the Indian currency’s continuous beating with which the Nepali currency is currently pegged to.

The Indian rupee rose to a one-and-a-half-month high as banks sold dollars to funnel into Indian shares or debt investments,

following improved foreign investor sentiment.

The Indian government had increased foreign investor limits in government debts by $5 billion to $20 billion.

Moreover, the optimism regarding the economies of the eurozone has put the brakes on the US dollar’s rally.

Source: THT