Is NADPH unstable in UV light?
In my experience, reuse of NADPH stock solutions maintained at pH 7.0 or above is perfectly acceptable. Taking an absorbance spectrum every half-hour or so will probably show that definitively.  However, NADPH is VERY unstable in acid, leading to a 'bleaching' of the absorbance at 340nm.  Try measuring a rate at pH  6 or below, 340nm,  with 100 micromolar NADPH and no enzyme or cosubstrate. There will be a very significant decrease in absorbance with time (ie a 'blank' rate) which will make estimation of enzymic reactions at low pH virtually impossible.