Foreign exchange rate movement up to Mar 20, 2020. Source: Nepal Rastra Bank
Foreign exchange rate movement up to Mar 20, 2020. Source: Nepal Rastra Bank

The rupee depreciated significantly against USD whilst it appreciated against all other major currencies this week. Indian rupee continued to decline this week reaching record low after foreign portfolio investors (FPIs) have withdrawn nearly INR 70,000 crore on a net basis as a consequence of the Covid-19 scare. This resulted NPR reaching record low against USD as Nepalese rupees is pegged to Indian Rupee.

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