Stories Tagged 'Us dollar'
Gold hit a five-year high of Rs 60,000 per tola in the domestic market last week with traders attributing the jump in prices to a rising US dollar and higher prices on the international market.
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Prices of essential goods have jumped in the Kathmandu Valley on a strong US dollar. Groceries like edible oil, flour, vegetable, sugar and bread have become dearer by up to 25 percent, traders said.
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A rising US dollar is going to make the upcoming festive season painful for the general public as dearer imports will force them to fork out more cash to buy the same amount of goods. Nepal Rastra Bank (NRB) fixed the exchange rate of the US dollar at Rs116.10 on Thursday. Compared to the beginning of the current fiscal year which started in mid-July, the Nepali rupee has depreciated by almost Rs7 per dollar.
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The government’s aim of achieving this year’s target of inflation rate and economic growth seems like a pipe dream as the government tackles soaring petroleum prices and the strong US dollar, said economists.
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The Nepali rupee rose to a four-month high against the US dollar as the Indian rupee, with which it is pegged, appreciated following a major victory for Indian Prime Minister Narendra Modi’s party in the Uttar Pradesh state legislative assembly election.
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Police arrested Sarbadananda Jaishawal in possession of $10,000 from Hetauda in Makwanpur district on Friday.
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