Nepalese rupee continues to dip, import from China affected

Kathmandu, Aug 29: Looks like we are not the only one reeling under the slipping economy. India's neighbour, Nepal too seems to have taken a massive economic blow, with the Nepal rupee touching an all time low.

The Nepal Rastra Bank, on Wednesday revised the foreign currency exchange rate, placing the selling rate of US Dollar at Rs 108.90.

Previously on Wednesday, the Central bank had fixed the reference selling rate of the US Dollar at RS 105.35 for Thursday.

This is now going to affect the import of low priced goods from China during the upcoming festive season as the nation has been hit by the weakning Nepali rupee against the US dollar.

Nepali customers, specially those belonging to the low-income groups are heavily dependent on the Chinese goods during the Hindu festival of Dashain.

The import of the materials from the neighbours has been cut down by two-thirds as importers are still waiting for the Nepali rupee to stabilize.

The major products that are imported during the Dashain festival are clothes, shoes, cosmetics and decorative stuff.

OneIndia News