Gold price, on the other hand, eased after the European Central Bank announced possible unlimited bond buying in a bid to contain the region´s debt crisis.[break]
Currency
Nepali rupee shed 31 paisa against a US dollar over the week. This made imports expensive but increased receipts of remittance receivers as well as exporters. On Friday, a dollar was exchanged at Rs 89.71.
Nepal Rastra Bank (NRB), country´s monetary authority, had opened the trading Sunday with exchange rate of dollar set at Rs 89.40. Though rupee gained over the next two trading days, it slipped back for the remaining trading days of the week after dollar weighed heavier against other rival currencies such as euro. According to the central bank, rupee gained 29 paisa against a dollar on Monday and further 14 paisa on Tuesday. But rupee shed 22 paisa on Wednesday and another 52 paisa on Thursday. NRB did not effect any change in dollar´s exchange rate when the market closed on Friday.
Likewise, rupee shed Rs 1.35 against a euro and Rs 1.56 against a pound sterling over this week. A euro was exchanged at Rs 113.18 on Friday, while a pound sterling was valued Rs 142.71.
Bullion
Even though gold price rose rapidly and hit new high of Rs 51,900 per 10 grams, consumers buying yellow metal on Friday found it being expensive by just Rs 85 per 10 grams than Sunday, as price slid dramatically on the closing day of the week. Gold was priced Rs 51,440 per 10 grams on Friday.
Bullion trading had opened this week with gold priced at Rs 51,355 per 10 grams on Sunday. Though gold became cheaper by Rs 105 per 10 grams on Monday, prices soon rallied amid news of European Central Bank (ECB) taking new steps to contain Euro Zone´s debt crisis. The gold price rose by Rs 190 per 10 grams on Tuesday and further went up by Rs 170 per 10 grams on Wednesday and Rs 290 per 10 grams on Thursday.
The price, however, plummeted overnight by Rs 460 per 10 grams on Friday and closed at Rs 60,000 per tola (11.664 grams) after ECB unveiled a potential unlimited bond buying in its fresh effort to contain the region´s debt crisis.
The price of silver went up by Rs 17 per 10 grams over the week. On Friday, silver was traded at Rs 982 per 10 grams.
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