US Dollar Climbs to Record High against Nepali Currency

The US dollar hit a record high against the Nepali currency on Thursday, according to the exchange rates fixed by Nepal Rastra Bank.

The central bank has fixed the selling rate of one US dollar at Rs 147.02, while the buying rate stood at Rs 146.42 for Thursday, January 22.

This marked a fresh record, surpassing the previous high recorded just a day earlier. On Wednesday, the central bank had fixed the dollar’s selling rate at Rs 145.87 and the buying rate at Rs 145.27.

The continued depreciation of the Nepali rupee has been largely influenced by the weakening of the Indian rupee. Since the Nepali rupee is pegged to the Indian rupee and the dollar rate in Nepal is determined on that basis, any weakening of the Indian currency directly affects the Nepali currency.

Analysts attribute the weakening of the Indian rupee to multiple factors, including the impact of a 50 percent US tariff on Indian goods, which has affected exports.

A stronger dollar makes imports and foreign debt servicing more expensive for Nepal, as payments are largely made in US dollars. However, the rising dollar also increases remittance inflows, export earnings, and tourism income when converted into the local currency.

Other Foreign Exchange Rates

As per the central bank, the buying rate of one European euro has been fixed at Rs 171.51 and the selling rate at Rs 172.21. Similarly, the UK pound sterling is being traded at a buying rate of Rs 196.40 and a selling rate of Rs 192.21. The Swiss franc has a buying rate of Rs 184.94 and a selling rate of Rs 185.70.

Among other major currencies, the Australian dollar is being bought at Rs 98.85 and sold at Rs 99.25, while the Canadian dollar has a buying rate of Rs 105.91 and a selling rate of Rs 106.34. Ten Japanese yen are being traded at a buying rate of Rs 9.27 and a selling rate of Rs 9.31. The Chinese yuan has been fixed at Rs 21.03 for buying and Rs 21.11 for selling.

According to NRB, the buying and selling rates of the Thai baht stand at Rs 4.71 and Rs 4.73 respectively. The UAE dirham is being traded at Rs 39.86 (buying) and Rs 40.03 (selling), while the Malaysian ringgit has a buying rate of Rs 36.18 and a selling rate of Rs 36.33. Likewise, 100 South Korean won are being bought at Rs 9.99 and sold at Rs 10.03.

The Swedish krona has been fixed at Rs 16.07 for buying and Rs 16.13 for selling, while the Danish krone is being traded at a buying rate of Rs 22.96 and a selling rate of Rs 23.05.