Drop in Foreign Exchange Rates: USD, Euro, and Pound Become Cheaper

The Nepal Rastra Bank (NRB) has announced the foreign exchange rates for Tuesday, November 19, 2024 (Mangsir 4, 2081), reflecting a decline in major currencies. This drop is expected to have implications for Nepal's import-export sector.

On Monday, the buying rate for the US Dollar was NPR 134.74, and the selling rate was NPR 135.34. For Tuesday, the rates have slightly decreased to NPR 134.72 (buying) and NPR 135.32 (selling). Similarly, the buying rate for the Euro has fallen from NPR 142.04 to NPR 141.96, and the selling rate is now NPR 142.59.

The Pound Sterling has also seen a reduction, with the buying rate now at NPR 169.96 and the selling rate at NPR 170.72. This decline in the rates of major currencies offers some relief to Nepali consumers exchanging foreign currencies.

Other currencies have also experienced a downward trend. The Swiss Franc, Australian Dollar, Canadian Dollar, and Japanese Yen have all seen a slight drop. For instance, the Australian Dollar's buying rate is now NPR 86.89, with the selling rate at NPR 87.28.

Currencies from Gulf countries have also depreciated. The Qatari Riyal’s buying rate is NPR 36.94, while the selling rate is NPR 37.10. The Saudi Riyal and UAE Dirham have similarly shown reduced rates, which could impact remittance inflows.

High-value currencies like the Kuwaiti Dinar and Bahraini Dinar have also dropped. The buying rate for the Kuwaiti Dinar is NPR 437.86, with the selling rate at NPR 439.81. The Bahraini Dinar now stands at NPR 357.40 (buying) and NPR 358.99 (selling).

The decline in foreign exchange rates is favorable for importers as it reduces costs. However, it may pose challenges for exporters, who could face reduced earnings. Additionally, Nepali workers in Gulf countries sending remittances might experience a slight dip in the value of their transfers. These changes could have a significant impact on Nepal’s economy, necessitating close monitoring by businesses and consumers alike.