Nepal Rastra Bank (NRB), the central bank of Nepal, has released the official foreign exchange rates for Thursday. As per the latest announcement, the buying rate of one US dollar has been set at NPR 136.50, while the selling rate stands at NPR 137.10. The exchange rates, updated periodically by the central bank, play a crucial role in international trade, remittance inflows, and economic stability in the country.
According to the latest rates, the exchange rate for one European Euro has been determined at NPR 147.41 for buying and NPR 148.05 for selling. Similarly, the buying rate for one British Pound Sterling is NPR 176.66, whereas the selling rate is NPR 177.43. The Swiss Franc stands at NPR 154.42 for buying and NPR 155.10 for selling.
Among other major currencies, the exchange rate for one Australian Dollar has been set at NPR 86.08 for buying and NPR 86.46 for selling. The Canadian Dollar is priced at NPR 95.30 for buying and NPR 95.72 for selling. The Singapore Dollar is valued at NPR 101.63 for buying and NPR 102.07 for selling.
Asian currencies have also seen notable exchange rate updates. The exchange rate for 10 Japanese Yen is NPR 9.15 for buying and NPR 9.19 for selling. Meanwhile, the Chinese Yuan stands at NPR 18.78 for buying and NPR 18.86 for selling. Similarly, the Saudi Arabian Riyal is valued at NPR 36.39 for buying and NPR 36.55 for selling, while the Qatari Riyal has a buying rate of NPR 37.45 and a selling rate of NPR 37.61.
Further, the central bank has set the exchange rate for one Thai Baht at NPR 3.99 for buying and NPR 4.01 for selling. The exchange rate for one UAE Dirham is NPR 37.16 for buying and NPR 37.33 for selling. Additionally, the Malaysian Ringgit is priced at NPR 30.65 for buying and NPR 30.78 for selling. The South Korean Won, in denominations of 100, has been set at NPR 9.33 for buying and NPR 9.37 for selling.
European currencies such as the Swedish Kroner and Danish Kroner have also been updated. The Swedish Kroner is priced at NPR 13.70 for buying and NPR 13.76 for selling, while the Danish Kroner stands at NPR 19.76 for buying and NPR 19.85 for selling.
Among other significant foreign currencies, the Hong Kong Dollar is priced at NPR 17.54 for buying and NPR 17.62 for selling. The Kuwaiti Dinar, which is one of the highest-valued currencies in the global market, has been set at NPR 442.69 for buying and NPR 444.64 for selling. Similarly, the Bahraini Dinar is valued at NPR 362.09 for buying and NPR 363.68 for selling. The exchange rate for one Omani Rial stands at NPR 354.57 for buying and NPR 356.13 for selling.
The Indian Rupee, which is closely monitored due to Nepal’s economic ties with India, has been set at NPR 160.00 for buying and NPR 160.15 for selling per 100 units. As Nepal’s trade and financial transactions with India rely heavily on the exchange rate of the Indian Rupee, any fluctuation in its value has direct implications for Nepal’s economy.
Nepal Rastra Bank has emphasized that the exchange rates are subject to change based on international market conditions. The central bank has also clarified that commercial banks may set different exchange rates based on market demand and supply. The official rates, however, serve as a benchmark for the country’s financial institutions and businesses engaged in foreign exchange transactions.
The determination of exchange rates is crucial for Nepal’s economy, particularly for importers, exporters, and individuals engaged in foreign transactions. The remittance sector, which significantly contributes to Nepal’s foreign reserves, also relies on these exchange rates to facilitate transactions from overseas Nepali workers. Any fluctuation in exchange rates directly affects remittance inflows and the purchasing power of Nepali citizens receiving money from abroad.
Foreign exchange rates are influenced by several factors, including global economic trends, geopolitical developments, inflation rates, and monetary policies of major economies. The US dollar, for instance, has witnessed fluctuations in recent months due to varying interest rates set by the Federal Reserve, impacting global currency valuations.
The central bank continuously monitors exchange rate movements and makes adjustments whenever necessary to maintain stability in Nepal’s foreign exchange market. Given the volatility in global financial markets, Nepal Rastra Bank has reiterated that exchange rates may be revised at any time based on economic requirements. The latest and updated exchange rates are always available on the official website of the central bank.
In summary, the foreign exchange rates issued by Nepal Rastra Bank play a pivotal role in Nepal’s economic transactions. From businesses engaged in international trade to individuals receiving remittances from abroad, these rates impact various sectors. With the continuous monitoring of exchange rate fluctuations, the central bank aims to ensure financial stability and provide guidance to stakeholders engaged in foreign currency transactions.
