Bhutanese currency continues to loss value

Bhutanese Ngultrum slumped to a record low of 66 against US dollar this week after the Indian currency, with which Ngultrum is pegged, weakened against the greenback.

The Bhutanese currency lost Nu 2 against US dollar over the week.

According to Reuters, Indian rupee slumped to a record low of 68.80 against US dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets. “The pummeling in markets sent the rupee reeling 3.7 percent to an all-time low of 68.80 with the unit closing just a touch off that, at 68.80 per dollar, its biggest single-day fall since October 1995,” Reuters said.

Rupee, however, rallied, gaining 20 paisa on Friday. This in turn is expected to help regain the value of Ngultrum as well.