Nepal Rastra Bank (NRB) has announced the updated foreign exchange rates for Thursday, reflecting slight fluctuations in major international currencies. According to the latest data released by the central bank, the exchange rates of several foreign currencies, including the US dollar, the euro, the British pound, and the Swiss franc, have declined compared to the previous day.
US Dollar Exchange Rate Drops Slightly
The exchange rate for the US dollar has decreased marginally. The buying rate for one US dollar has been set at NPR 136.84, while the selling rate stands at NPR 137.44. This marks a slight drop from Wednesday’s rate, where the buying price was NPR 136.92, and the selling price was NPR 137.52. The minor dip in the US dollar exchange rate could be attributed to various global economic factors and fluctuations in the international foreign exchange market.
Euro and Pound Sterling Also Decline
Similarly, the European euro has also seen a decrease in value. As per NRB’s latest update, the buying rate for one euro is now NPR 147.68, while the selling rate has been set at NPR 148.33. This is a slight decline from Wednesday’s figures, which stood at NPR 148.16 for buying and NPR 148.81 for selling.
The British pound sterling has also experienced a downward trend. As per the revised exchange rates, the buying rate for one British pound stands at NPR 176.59, whereas the selling rate is NPR 177.37. On Wednesday, the buying and selling rates for the British currency were higher. The depreciation in the pound sterling’s exchange rate may be influenced by economic developments in the United Kingdom and the global foreign exchange market.
Swiss Franc and Other Major Currencies
The exchange rate of the Swiss franc has also declined. According to the central bank, the buying rate for one Swiss franc is NPR 154.90, while the selling rate is NPR 155.58. Other major currencies have also shown fluctuations in their exchange rates.
The Australian dollar has been set at NPR 86.56 for buying and NPR 86.94 for selling. Similarly, the Canadian dollar’s exchange rate stands at NPR 96.01 for buying and NPR 96.43 for selling. The Singapore dollar is currently being traded at NPR 102.31 for buying and NPR 102.76 for selling.
Asian Currencies Witness Mixed Trends
The exchange rate for the Japanese yen has been determined at NPR 9.11 for buying and NPR 9.15 for selling for every 10 units. Meanwhile, the Chinese yuan’s exchange rate is NPR 18.83 for buying and NPR 18.92 for selling.
Similarly, the Saudi Arabian riyal is valued at NPR 36.48 for buying and NPR 36.64 for selling, while the Qatari riyal is priced at NPR 37.54 for buying and NPR 37.70 for selling. The exchange rate of the Thai baht stands at NPR 4.03 for buying and NPR 4.05 for selling.
Exchange Rates for Gulf Currencies
The UAE dirham has been valued at NPR 37.26 for buying and NPR 37.42 for selling, whereas the Malaysian ringgit stands at NPR 30.89 for buying and NPR 31.03 for selling. The South Korean won is being exchanged at NPR 9.35 for buying and NPR 9.39 for selling per 100 units. Among other currencies, the Swedish krona is valued at NPR 13.62 for buying and NPR 13.68 for selling, while the Danish krone is trading at NPR 19.80 for buying and NPR 19.88 for selling.
Middle Eastern Currencies Show Stability
The Hong Kong dollar has been priced at NPR 17.60 for buying and NPR 17.68 for selling. Meanwhile, the Kuwaiti dinar continues to maintain a strong exchange rate at NPR 443.74 for buying and NPR 445.68 for selling. Similarly, the Bahraini dinar’s exchange rate is NPR 362.95 for buying and NPR 364.54 for selling.
Additionally, the Omani rial is currently being traded at NPR 355.45 for buying and NPR 357.01 for selling. The Indian rupee, a key currency in Nepal’s foreign exchange market, has been valued at NPR 160 for buying and NPR 160.15 for selling per 100 units.
Implications of the Exchange Rate Fluctuations
Fluctuations in foreign exchange rates are common and are influenced by multiple factors, including global economic conditions, monetary policies of major economies, trade balances, and geopolitical developments. The slight depreciation of the US dollar, euro, and British pound against the Nepalese rupee could impact various sectors, particularly international trade, remittances, and tourism.
A lower US dollar exchange rate benefits importers in Nepal, as they require fewer rupees to purchase goods from abroad. Conversely, a decline in foreign currency value may affect remittance earnings, as Nepalese workers abroad may see a lower exchange rate for their earnings when sending money home.
The tourism sector, which plays a crucial role in Nepal’s economy, is also influenced by foreign exchange rates. A favorable exchange rate for foreign tourists can make Nepal a more attractive destination, as they can get more value for their money. However, a declining exchange rate may impact businesses that rely on foreign currency earnings.
Nepal Rastra Bank’s Role in Maintaining Exchange Rate Stability
As Nepal’s central bank, NRB plays a critical role in regulating and managing foreign exchange rates. The bank uses various monetary tools and interventions to maintain stability in the foreign exchange market. By monitoring global financial trends and implementing policies accordingly, NRB ensures that exchange rate fluctuations do not negatively impact Nepal’s economy.
The bank’s decision to revise the exchange rates daily is based on international market trends, ensuring that Nepal remains competitive in global trade. By carefully managing foreign exchange reserves and exchange rate policies, NRB contributes to the stability of the financial system and economic growth.
The latest foreign exchange rates released by Nepal Rastra Bank indicate slight declines in major international currencies, including the US dollar, euro, British pound, and Swiss franc. While these changes may have varied impacts on different sectors, NRB continues to play a vital role in maintaining stability in the foreign exchange market. Businesses, importers, exporters, and individuals involved in remittance transactions should stay informed about exchange rate fluctuations to make well-informed financial decisions.
For further updates, stakeholders are advised to check NRB’s official website or follow official financial reports to stay informed about exchange rate trends and their potential impact on Nepal’s economy.
