Currency
Nepali rupee lost a whopping Rs 3.39 against US dollar over the week to close at Rs 95.99 on Friday. The weakening of rupee increased import costs, but raised receipt of exporters as well as remittance receivers.
Currency trading opened this week with exchange rate of rupee against US dollar fixed at Rs 92.6 on Sunday. The local currency gained 30 paisa on Monday to close at Rs 92.3. However, rupee shed 35 paisa on Tuesday to close at Rs 92.65 after Indian currency weakened against the greenback.
Rupee continued to lose and shed Rs 1.4 on Wednesday and another 20 paisa on Thursday to close at Rs 94.25.
According to Reuters, the outflows from equity markets have added to concerns about the funding of the current account deficit ahead of the US Federal Reserve´s decision on its stimulus program. “Such concerns have compounded because of the likelihood of the Fed tapering its bond purchases, which could trigger an outflow from emerging markets,” Reuters said. “The Indian rupee has fallen reflecting caution ahead of the US monthly jobs data and falls in most emerging market currencies.”
The Indian currency has fallen more than eight percent since the beginning of May.
Rupee lost a whopping Rs 1.74 on Friday -- the final trading day of the week -- to close at Rs 95.99.
The local currency rupee also lost a whopping Rs 3.36 against Euro and Rs 3.26 against British Pound this week. On Friday, Euro was exchanged at Rs 126.91, while British Pound was valued Rs 148.54.
Bullion
The price of gold and silver was not fixed this week as Federation of Nepal Gold and Silver Dealers´ Associations did not fix gold price to protest the government action against gold and silver dealers that were found involved in unscrupulous business practice during market monitoring conducted by different government agencies.
They have also been demanding that the government incorporate their suggestions in the draft of the guideline for market monitoring.
Gold and silver prices were last fixed at Rs 45,440 per 10 grams and Rs 750 per 10 grams, respectively, on June 11.
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