Nepalese Rupee

• Country: Nepal
• Currency: Rupee
• Alias: Nepalese rupee
• ISO 4217 CODES: NPR/524
• Symbol: NRs

The Nepalese rupee is the national currency of the Kingdom of Nepal, a landlocked country situated between India and China that is home to more than 27 million people. In comparison to its neighbors, Nepal is a relatively poor country, and agriculture employs more than 80% of the available workforce. The Nepalese rupee is periodically devalued to keep it pegged to the Indian rupee at an exchange rate of INRs100= NRs160. The Nepalese rupee is currently a non-convertible currency, but there are hopes of some day bringing into line with the Indian rupee to make it fully convertible.

Background of the Nepalese Rupee

The first organized settlements in what is now Nepal began between the 7th and 8th centuries BC, though evidence of human habitation dates back some 9,000 years. Nepal was created from unification of three kingdoms – Kathmandu, Patan, and Bhadgaon – in 1768.

Generally considered to be one of the top 10 poorest countries in the world, Nepal is a landlocked country wedged between India and China’s Tibet region. Nepal has the widest elevation range in the world: the Terai region is just 100 meters above sea level, while the world’s tallest peak – Mount Everest – towers at 8,850 meters above sea level. Nepal first opened to the outside world in 1951, and in 1953, Mount Everest – known as Sagarmatha in Nepali – was first conquered by New Zealand climber Edmund Hillary and Sherpa climber Norgay Tenzing.

The vast majority of Nepal’s imports come from its immediate neighbors: India and China. The country’s greatest untapped natural resource – hydroelectric power – has yet to be exploited, though the Nepalese government has contemplated various plans over the years for building generation capabilities in hopes that the resulting electricity could be sold off to India and China. Until that time, agriculture and manufacturing remain the key income producing industries.

The Nepalese rupee is divided into 100 paise. Denominations for coins are 5p, 10p, 25p, 50p and NRs 1, NRs 2, NRs 5 and NRs 10. Denominations for banknotes are NRs 1, NRs 2, NRs 5, NRs 10, NRs 20, NRs 50, NRs 100, NRs 500, and NRs 1,000 rupees.