Kathmandu, March 23 -- The Nepali rupee plunged to an all-time low, with Nepal's central bank fixing the exchange rate at Rs150.24 per US dollar on Saturday.

The currency depreciated by Rs1.72 against the dollar in a single day, largely due to the weakening of the Indian rupee, to which Nepal's currency is pegged. Any fluctuation in the Indian currency directly affects the Nepali rupee under the fixed exchange rate system.

A year ago, the Nepali rupee traded at around Rs137.86 per dollar. The greenback has since strengthened sharply, driven by global uncertainties, including escalating tensions in West Asia and the Middle East, as well as relatively strong economic performance in the United States.

According to international reports, h...