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    Nepal Breaking NewsGold | Silver | ForexAgainst the United States dollar, the Nepali rupee has fallen to a...

    Against the United States dollar, the Nepali rupee has fallen to a six-month low

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    According to the Nepal Bank (NRB), the Nepali Rupee fell to a six-month low versus the United States dollar on Thursday, with the price of the American pegged at Rs 120.27 per dollar for the entire day.

    Previously, the Nepali rupee hit a record low of Rs 121.69 per dollar in April 2020, setting a new record low. The last time this happened was on April 26, 2021, when the rate dropped to Rs 120.32 per dollar. According to the most recent data available on Thursday, the US dollar dropped as low as Rs 116.21 per dollar before beginning an upward trend.

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    According to reports, the dollar’s value has been rising steadily since the United States’ economy began to revive, resulting in more work chances for -seeking individuals. In response, the Nepali currency, which is tied to the Indian rupee, has suffered as a of the declining trend of the Indian relative to the dollar in recent months.

    At a time when Nepal is under pressure to increase its foreign reserves, the depreciation of its indigenous currency has the potential to exacerbate the country’s net inflow of foreign currency. Furthermore, because the is heavily reliant on imported commodities, it has the potential to drastically raise the market price.

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    As stated by NRB authorities, the depreciation of the home could be beneficial for remittances as well as for tourism, and other sectors where the profits are denominated in US dollars, among other things. Nepal, on the other hand, is less likely to gain from the increase in exports because it has a tiny basket of exportable goods.

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