Rupee hits another low of Rs 98.6
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HIMALAYAN NEWS SERVICE
KATHMANDU: The domestic currency hit another bottom today against the US dollar following the Indian currency’s alarming plunge.

The reference selling rate determined by Nepal Rastra Bank (NRB) stands at Rs 98.6 for tomorrow based on today’s forex trading.

Likewise, Nepal Rastra Bank has fixed the buying rate for the dollar at Rs 98 for tomorrow.

Yesterday, the central bank had fixed Rs 97.73 as reference rate for today. However, the banks had fixed a rate that was between Rs 98.3 and 98.6 as the Indian currency — with which the Nepali currency is pegged — weakened since early morning trading. The Indian currency had dropped to a record low of IRs 61.79 in the morning. However, it recovered to IRs 61.2 by closing.

Unless the Indian government and the central bank announce major policy measures to stall

the freefall immediately, the exchange rate for the dollar will very soon go beyond Rs 100.

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(Source: http://www.thehimalayantimes.com/fullTodays.php?headline=Rupee+hits+another+low+of+Rs+98.6&id=Mzg2NDI2)