Price of gold however went down by Rs 345 per 10 grams in the domestic market over the week due to drop in its price in the international bullion market. [break]
CURRENCY
Nepali rupee slumped to 100.32 against US dollar losing Rs 1.23 over the week. Nepal Rastra Bank (NRB), the central monetary authority closed currency trading for last week at Rs 99.09. However, as the market was closed for the first three days of the week due to Tihar, rupee remained stable during the period.
When the market opened on Wednesday, NRB opened the trading for this week at Rs 98.98 thereby gaining 11 paisa. However, rupee lost 74 paisa against US dollar on Thursday to close the market at Rs 99.72.
According to Reuters, the partially convertible rupee recovered to 62.47/48 on Thursday after hitting an intraday low of 62.73 on a Standard & Poor´s report about a possible rating downgrade next year if the new government failed to push economic growth.
On Friday, the last trading day, rupee continued to drop and lost another 60 paisa to close the week´s trading at Rs 100.32.
"The rupee will struggle to gain ground in the next 12 months due to uncertainty around elections, the external deficit and the impact of a possible tapering in the Federal Reserve´s stimulus program," reports Reuters.
Nepali rupee also shed a whopping Rs 1.44 against Euro and Rs 2.53 against pound sterling over the week. A Euro was valued at Rs 135.64 on Friday, while the Pound Sterling was exchanged at Rs 161.25.
BULLION
Gold price dropped by Rs 345 per 10 grams this week. Bullion trading opened on Wednesday as the market was closed during first three days due to Tihar. Gold was traded at Rs 48,010 per 10 grams on Wednesday, down from Rs 48,355 per 10 grams recorded last Friday.
On Thursday, gold price however went up by Rs 175 per 10 grams to close the market at Rs 48, 185 per 10 grams. On Friday, the last trading day of the week, gold price again fell by Rs 1750 per 10 grams to Rs 48,010 per 10 grams.
Price of silver price also dropped this week by Rs 8.5 per 10 grams. On Friday, silver was traded at Rs 797.5 per 10 grams.
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