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Question

What is the currency of Nepal?

Solution
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The currency of Nepal is the Nepalese Rupee (NPR), which is the official currency of the Federal Democratic Republic of Nepal. The Nepalese Rupee is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank, the central bank of Nepal. The most commonly used symbol for the Nepalese Rupee is Rs or ₨, and its ISO code is NPR.

The Nepalese Rupee was introduced in 1932, replacing the Nepalese Mohar at an exchange rate of 2 Mohares for each Rupee. The first coins that were minted were made out of silver, and later, they were minted in copper aluminum, and steel. Currently, coins of 1, 5, 10, 25, and 50 Paisas and coins of 1, 2, 5, and 10 Rupees circulate in Nepal. Banknotes are available in denominations of 1, 2, 5, 10, 20, 50, 100, 500, and 1,000 Rupees.

The Nepalese Rupee is pegged to the Indian Rupee (₹) at a rate of 1.60 = ₹1 (buy) ₹1 = 1.6015 (sell). The exchange rate of the Nepalese Rupee with the Indian Rupee is fixed by the Nepal Rastra Bank and the Reserve Bank of India. As of the latest available data, 1 US dollar is equivalent to approximately 132.91 Nepalese Rupees

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