For the first time ever, the Nepali rupee has plunged to over Rs 100 against the dollar.
On Tuesday, the state’s banking regulator Nepal Rastra Bank set the exchange rate at Rs 100.6 per USD.
From the time it hit an all-time low at Rs 93.5 per dollar on 12 June, Nepal’s currency depreciated further against the dollar, falling by 7.5 percent in just over two months. A year ago, 1 USD sold for Rs 88.8.
The Indian rupee, to which Nepal’s currency is pegged, performed badly in the last fiscal year, falling from Rs 55.5 to Rs 62.3 per dollar in the last 12 months, and took the NRs down with it.
Read Nepali Times' analysis of Nepal's currency devaluation.