Gold, on the other hand, rallied to a new high in the domestic market, as India and China consume more yellow metal in the wake of downgrading of US credit rating. [break]
Currency
Nepali rupee weakened by 52 paisa against a US dollar over this week, rendering imports expensive, but also raising income of exporters and remittances receivers. On Friday, a dollar was valued at Rs 73.40.
Nepal Rastra Bank (NRB) -- country´s monetary authority -- had set the exchange rate of dollar at Rs 72.89 when the market opened this week on Sunday. Although no change in exchange rate was recorded on Monday, rupee gained 4 paisa on Tuesday and another 15 paisa on Wednesday.
However, rupee slid sharply over the next two trading days as demand for the greenback strengthened in India. Rupee shed 20 paisa overnight on Thursday and further devalued by whopping 50 paisa overnight on Friday, when the market closed this week.
Likewise, rupee weakened by a sharp Rs 2.08 against a euro and Rs 2.96 against a pound sterling over this week. A euro was exchanged at Rs 105.70, while a pound sterling was valued at Rs 121.23 on Friday.
Bullion
As gold price continued to jump in the international market amid sharp rise in demand, the yellow became dearer by Rs 2,951 per tola (11.664 grams) in the domestic market over the week. On Friday, gold was priced at Rs 44,795 per 10 grams (Rs 52,250 per tola).
Bullion trading had opened this week with gold priced at Rs 42,265 per 10 grams on Sunday. Though gold price dropped by Rs 170 per 10 grams on Monday, it soon started to rally as international investors again decided to switch to safer haven. As a result, gold became expensive overnight by Rs 345 per 10 grams on Tuesday, Rs 640 per 10 grams on Wednesday and Rs 385 per 10 grams on Thursday. While such sharp rise was already driving consumers away, gold price again increased by Rs 1,330 per 10 grams on Friday and was traded at an all time high of Rs 44,795 per 10 grams when the market closed this week.
The price of silver also went up by Rs 38.50 per 10 grams in the domestic market over this week. Silver was traded at Rs 1,007.50 per 10 grams when the market closed on Friday.
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