The official currency of Nepal, which is in South Asia, is the Nepalese Rupee (NPR). It is issued and regulated by Nepal Rastra Bank, the country’s central bank. The Rupee is subdivided into 100 paisa. It has the symbol Rs or Rp. The Nepalese Rupee is pegged to the Indian rupee at the rate of 1.6 NPr to INR. There are three exchange rate operating in Nepal; they include the official central bank rate, a legal private bank rate, and black market rate.
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History of the Nepalese Rupee (NPR)
Nepal introduced the Nepalese Rupee in 1932, replacing the Nepalese Mohar. Before this, Nepal used a variety of currencies, including the Indian Rupee.
Denominations of the Nepalese Rupee (NPR)
Nepalese Rupees are available in various denominations of banknotes and coins. Banknotes are commonly issued in denominations of 10, 20, 50, 100, 500, 1000, and 2000 Rupees. Coins are available in denominations of 1, 2, 5, 10, and 25 Paisa, and 1, 2, 5, and 10 Rupees.
Exchange Rate of the Nepalese Rupee (NPR)
The exchange rate of the Nepalese Rupee fluctuates with global economic conditions and the Indian Rupee, to which it is pegged.
Popular Exchange rate.
British pound / Nepalese Rupees
US dollar / Nepalese Rupees
1 Euro / Nepalese Rupees
Economy of the Nepal
The Nepalese Rupee plays a crucial role in Nepal’s economy, which is heavily reliant on agriculture, tourism, and remittances from Nepalese workers abroad. The stability of the Rupee is essential for economic growth and development. The Nepalese economy between 1965 and 2019 have grown at an average rate of 3.5% to 4%; within the past three years, the GDP has risen above 5%. inflation rate between 2008 and 2016 was 9% but dropped to 3.6% in 2017 and raised a little to 4% in 2021.
Conclusion
The Nepalese rupee (NPR) is the national currency of Nepal. The central bank of Nepal (the Nepal Rastra Bank) administers it, pegging it to the Indian rupee (INR). Nepal, heavily reliant on agriculture, tourism, and remittances from Nepalese workers abroad, utilizes this currency. In Nepal, $1 U.S. is worth 133.9 Nepalese rupees as of Sept. 21, 2024. It is approximately 148 rupees to one euro
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