Foreign exchange rate movement up to May 01, 2020. Source: Nepal Rastra Bank
Foreign exchange rate movement up to May 01, 2020. Source: Nepal Rastra Bank

The rupee appreciated against all other major currencies this week compared to previous week. One of the reasons for appreciation of NPR is due to appreciation of INR as investor risk appetite is improving in India due to possibility of relaxation in lock-down in many areas from early next week.

Nepalese Rupees (NPR) is pegged with Indian Rupees (INR) at fixed rate of 1.6 (1 INR = 1.6 NPR). Therefore, any movement of INR against other currencies changes NPR in the same direction.

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