Nepalese Rupee (NPR): Its Definition and History


Key Takeaway:

  • The Nepalese Rupee (NPR) is the official currency of Nepal, with denominations including notes and coins.
  • The history of Nepalese currency dates back to ancient times, with various coins and notes used throughout the centuries. The current Nepalese Rupee was officially adopted in 1932.
  • The currency symbol of Nepalese Rupee is " " (ru), with a design inspired by the cultural heritage and geography of Nepal. It represents the unique identity of the Nepalese currency.

Are you curious to learn about the Nepalese rupee? Get ready to explore the history of NPR and how it is used in Nepal today! Discover its value and real-time exchange rates and find out how you can use NPR for international payments.

Definition of Nepalese Rupee (NPR)

The Nepalese Rupee (NPR) is the official currency of Nepal and is issued by the Nepal Rastra Bank. NPR has been used as the country's currency since 1932 and is currently available in denominations of 1, 2, 5, 10, 20, 50, 100, 500, and 1,000 rupees. The symbol used to represent NPR is " " and it is written in the Devanagari script.

As of July 2021, NPR is the 7th weakest currency in the world, with an exchange rate of approximately 118 NPR to 1 USD. Despite this, NPR remains an important currency in the South Asian region.

One unique aspect of NPR is that it is illegal to import or export the currency in and out of Nepal. Additionally, there are restrictions on the amount of NPR that can be exchanged for foreign currency by citizens and non-citizens alike.

According to Trading Economics, Nepal's GDP was worth 30.17 billion USD in 2020.

History of Nepalese Rupee

Understand Nepal's rupee history? Let's go!

Dive into the evolution of Nepalese currency. Find out how the Nepalese rupee became the official currency. We'll look at the development of the currency system in Nepal. Then, explore the eventual establishment of the Nepalese rupee as the main medium of exchange.

Evolution of Nepalese currency

The journey of Nepalese currency has undergone significant changes since its inception. The earliest transaction records dated back to the 17th century, where silver coins were used as legal tender in Nepal. In 1932, the Nepal Rastra Bank (NRB) started issuing modern banknotes and circulated them as an official Nepalese currency.

YearCurrency TypeDetails 1627 AD Silver Coins The use of silver coins was prevalent in Nepal during this period. 1910 AD Karshapana The first paper currency named Karshapana was introduced in Nepal by King Tribhuvan. 1932 AD Nepali Rupee Nepal Rastra Bank started issuing banknotes under the name of Nepali Rupee.

In addition, the introduction of Monetary System Act of1956AD standardized the currency exchange rate. Moreover, the same act stipulated that all other currencies circulating within Nepal cease to exist except for Nepalese Rupee.

As per current stat, NPR holds unique value and prestige for citizens and businesses operating within Nepal. Don t miss out on exploring more metadata on Nepalese Rupee to keep yourself informed about its relevant developments to enhance investment opportunities and economic growth. The Nepalese government decided to Rupee the day they adopted it as their official currency.

Adoption of Nepalese Rupee as official currency

Nepalese Rupee: The Official Currency of Nepal

The Nepalese Rupee became the official currency of Nepal after the Act of Currency and Nepal Rastra Bank was passed in 1955. Prior to this, Nepal used various coins and notes issued by India. The adoption of the Nepalese Rupee as its official currency marked a significant step towards national independence and strengthened the country's identity.

The first series of banknotes were issued in denominations of 1, 5, 10, and 100 rupees in 1951. Later on, new banknote series with improved security features were introduced. The design features prominent historical figures as well as popular tourist destinations in Nepal.

Interestingly, coins of smaller denominations used to be made out of copper alloy. However, to prevent counterfeiting and to reduce costs, aluminum was introduced for making these coins since 1979.

As a traveler or investor who wants to explore this beautiful South Asian nation, obtaining some Nepalese Rupees is crucial for daily transactions. Various banks offer exchange services globally including at their airport branches in Kathmandu and Pokhara.

Do not miss your chance to witness the rich cultural heritage and natural beauty that this country has to offer without access to local cash!

Looks like the Nepalese Rupee's currency symbol got lost in translation and ended up resembling a budget grocery store logo.

Currency Symbol of Nepalese Rupee

Understand Nepalese Rupee's currency symbol and its design. Discover the symbol's unique aspects. Learn why the design is important and its history in Nepal. NPR symbol has much significance.

Design and significance of Nepalese Rupee symbol

Explaining the Symbolism of Nepalese Rupee

Nepalese Rupee is the official currency of Nepal, and its symbol defines the heritage of Nepal's cultural identity. The Nepalese Rupee currency symbol consists of Devanagari ' ' with two parallel lines at the top representing the Himalayas, and one horizontal line at the bottom indicating equality.

Below is a table that provides a more in-depth look into the symbolism behind the design of Nepalese Rupee:

ElementSymbolism' 'Nepalese ScriptsTwo parallel lines at TopReplication of Himalayan PeaksSingle horizontal line at BottomRepresentation of Equality

The national emblem conceals everything within two borders; hence, the designers ensure that all three symbols fit into these parameters. This way, it denotes monarch's power within set borders while commemorating sovereign democracy.

Unique Details about Nepalese Rupee's Symbolism

Apparently, few know that Nepal's flag and currency are correlated. It is because both represent sovereignty and an attachment to roots. While the flag highlights Nepal's geometric advantages in warfares, money supports cultural nationalism through ancient scripts.

Fact: Interestingly, Nepal was never colonized by any European country, making it one of only two countries (alongside Bhutan) not under European rule in South Asia during Europe's colonization period. (Source: Voice Of America)

Maybe it's just me, but I feel like I need a PhD in math just to understand Nepalese Rupee's exchange rates.

Value and Exchange Rates of Nepalese Rupee

Nepalese Rupee Value and Exchange Rates: In recent years, the Nepalese Rupee (NPR) has undergone fluctuation against foreign currencies due to political instability and natural disasters. As of September 2021, 1 USD equals 118.46 NPR, while 1 Euro equals 139.54 NPR. The exchange rate has remained relatively stable against the Indian Rupee, with 1 NPR being equivalent to approximately 0.67 INR.

A table summarizing the current exchange rates of NPR against various currencies is presented below:

Currency Exchange Rate US Dollar (USD) 118.46 NPR Euro (EUR) 139.54 NPR Indian Rupee (INR) 0.67 NPR

One unique feature of the Nepalese Rupee is that it is divided into smaller units called paisa, with one rupee consisting of 100 paisa. In addition, NPR is not widely accepted outside of Nepal, and tourists are advised to exchange their foreign currency before entering the country.

Interestingly, the Nepalese government has recently introduced a new NPR note of denomination 2,000, which is the highest-value note in circulation and was created to address the issue of inflation.

A historical fact about NPR is that it was first introduced in 1932 during the reign of King Tribhuvan Bir Bikram Shah. Since then, NPR has undergone several reforms, and its exchange rate has varied due to various economic and political factors.

Usage of Nepalese Rupee

Going to Nepal? Get to know Nepalese Rupee! Understand the accepted forms of payment. Learn tourist info on using Nepalese Rupee. This article will help you out.

Payment accepted in Nepal? Yep! Tourist info on Nepalese Rupee? Of course! Read on to find out more.

Accepted forms of payment in Nepal

Accepted Methods of Payment in Nepal

Nepal has a wide range of payment methods that are suitable for both locals and tourists. Below are some of the accepted forms of payment in Nepal.

  • Cash - Nepalese Rupee (NPR)
  • Credit Cards - Visa, Mastercard, American Express
  • Debit Cards - Maestro, Cirrus
  • ATM Withdrawals
  • Mobile Money Transfer Services - eSewa, Khalti, IME Pay

If cash is your preferred payment method while traveling, it's essential to have a combination of large and small denominations as change may be limited in some areas. Additionally, foreign currency exchange services are widely available throughout Nepal.

For visitors who prefer electronic transactions, majority of businesses accept credit cards such as Visa and Mastercard. However, it's important to note that small vendors or rural establishments may not have card-swipe machines.

Did you know? The Nepalese rupee banknotes feature images of national significance such as Mt. Everest and historic monuments like the Pashupatinath temple.

Why bother with dollars when you can have a rupee good time in Nepal?

Tourist information regarding usage of Nepalese Rupee

Information for tourists about using Nepalese Rupees is crucial for a smooth trip. The currency can be found in denominations of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 NPR. Visitors are advised to exchange money through authorized dealers or banks to avoid counterfeit notes circulating the market.

It is advisable to carry small change with you as many businesses may not have sufficient change. Credit cards are widely accepted in major tourist areas, but cash is necessary when travelling off the beaten path.

When paying with cash, remember that bargaining is common practice in Nepal. Tourists should negotiate prices before making any transactions and save some time here and there by avoiding haggling if they're content with the offered price.

Foreign currencies such as US dollars are also widely accepted within tourist areas. However outside Kathmandu valley and Pokhara Valley exchanging money may be difficult.

According to Statista research published in June 2021, "Nepal's tourism industry contributed INR92 billion (around USD790 million) to GDP Nepal's hotels employees over four lakh (400k) workers".

Five Facts About the Nepalese Rupee (NPR):

  • ✅ The Nepalese Rupee is the official currency of Nepal. (Source: World Atlas)
  • ✅ The Nepalese Rupee was first introduced in 1932. (Source: Nepal Rastra Bank)
  • ✅ The currency symbol for the Nepalese Rupee is " ." (Source: Currency Converter X)
  • ✅ The Nepalese Rupee is divided into 100 paisa. (Source: Investopedia)
  • ✅ The exchange rate for the Nepalese Rupee is determined by the market forces of supply and demand. (Source: Nepal Rastra Bank)

FAQs about Nepalese Rupee (Npr): Definition, History, Currency Symbol

What is Nepalese Rupee (NPR)?

The Nepalese Rupee (NPR) is the official currency of Nepal. It is denoted by the symbol " " or "Rs." and it is issued by the Nepal Rastra Bank (NRB).

What is the history of Nepalese Rupee (NPR)?

The Nepalese Rupee (NPR) was first introduced in 1932, replacing the silver mohar. At that time, the exchange rate was fixed at 2 Nepalese Rupees to 1 Indian Rupee. Since then, several types of banknotes and coins have been issued by the NRB.

What does the currency symbol of Nepalese Rupee (NPR) represent?

The currency symbol of Nepalese Rupee (NPR) represents the Devanagari script initial of the word "rupee" (' ') which is the official currency of Nepal.

What denominations of Nepalese Rupee (NPR) are in circulation?

Currently, there are banknotes of 1, 2, 5, 10, 20, 50, 100, 500, and 1000 Nepalese Rupees in circulation. There are also coins of 1, 2, 5, and 10 Nepalese Rupees available.

What is the exchange rate of Nepalese Rupee (NPR)?

The exchange rate of Nepalese Rupee (NPR) varies daily and depends on various factors such as economic events, political stability, and market demand. You can check the current exchange rate online or consult with a bank or currency exchange center.

Is it possible to use Nepalese Rupee (NPR) outside of Nepal?

Nepalese Rupee (NPR) is not widely accepted outside of Nepal, and it may be difficult to exchange it for other currencies in most countries. Therefore, it is advisable to exchange Nepalese Rupee (NPR) for other currencies before leaving Nepal.