Weather Rupee takes another dive
FROM
ISSUE #11 (27 SEPT 2000 - 03 OCT 2000)
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Commercial banks asked the Central Bank to pump a million dollars into the market to help prevent the slide of the rupee, which reached a low of Rs 73.6:$1 last week. The Foreign Exchange Dealers Association (FEDAN)-a group of 11 commercial banks that deal with foreign exchange-asked the Nepal Rastra Bank to intervene on Wednesday after the rupee dropped by 60 paisa in two days. Nepal's rupee is pegged to India's currency and any change in the IRs:$ rate is transferred to the Nepali exchange rate. The slide in Indian currency was partly caused by the soaring petroleum prices. The Indian rupee was trading at IRs 45.10:$1 when the market opened on Wednesday and closed at Irs 45.25:$1.
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