International gold price also lowered, causing local prices to go down this week, as price recoiled ahead of the speech of US Federal Reserve Chairman who is expected to announce fresh monetary stimulus.[break]
Currency
Nepali rupee slid 36 paisa against a US dollar over the week. This raised import costs, but increased receipts of remittance receivers as well as exporters. On Friday, a dollar was exchanged at Rs 89.30.
Nepal Rastra Bank (NRB), country´s monetary authority, had opened the trading Sunday with exchange rate of dollar set at Rs 88.94. Rupee witnessed a consistent drop over the next three days and slid overnight by 16 paisa on Monday, 20 paisa on Tuesday and another 20 paisa on Wednesday. But it witnessed reversal in the movement over the last two trading days, gaining 15 paisa on Thursday and another 5 paisa on Friday.
Likewise, rupee shed 65 paisa against a euro. However, it gained 11 paisa against a pound sterling over the week. A euro was exchanged at Rs 112.17 on Friday, while a pound sterling closed the week at Rs 141.41.
Bullion
The price of gold receded in the domestic market by Rs 165 per 10 grams this week, as international price dipped nominally amid investors´ anticipation of US Federal Reserve´s monetary intervention. Despite the drop, the gold price, which stood at Rs 50,585 per 10 grams on Friday, was still too high to suit to the liking of festive buyers, said traders.
Bullion trading had opened this week with gold priced at Rs 50,750 per 10 grams on Sunday. But prices exhibited major upheavals amid uncertainty in the global asset market. On Monday, the yellow metal became dearer by Rs 175 per 10 grams, but it soon dropped by same margin on Tuesday. Gold price rose by Rs 90 per 10 grams on Wednesday, but fell by Rs 255 per 10 grams on Thursday. The price remained unchanged when the market closed this week on Friday.
The price of silver also fell by Rs 8.50 per 10 grams over the week. On Friday, silver was traded at Rs 947.50 per 10 grams.
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Rupee weakens, gold unchanged
