Gold price, on the other hand, came down by Rs 495 per tola (11.664 grams) this week, dropping to one-month low, after demand for safe haven lowered in the international market.[break]
Currency
Nepali rupee shed 40 paisa against a US dollar over the week. This rendered imports expensive, but raised receipts of remittance receivers as well as exporters. On Friday, a dollar was exchanged at Rs 89.45.
Nepal Rastra Bank (NRB), country´s monetary authority, had opened the trading Sunday with exchange rate of dollar set at Rs 89.05. But rupee suffered an overnight drop of 70 paisa, as Indian currency weakened on the back of Indian oil firms´ strong demand for the greenback on Monday. Rupee, nonetheless, managed to reclaim the lost 70 paisa on Tuesday and gained further 20 paisa on Wednesday. But it again shed 60 paisa on Thursday. The central bank did not effect any change on the exchange rate of the USD on Friday.
Contrary to the USD, rupee gained 88 paisa against a euro, but shed 20 paisa against a pound sterling over the week. A euro was exchanged at Rs 109.29, while a pound sterling was valued Rs 138.35 on Friday.
Bullion
Gold became cheaper by Rs 425 per 10 grams in the domestic market this week as worries over euro debt crisis and lack of signs on stimulus from the US Federal Reserve drove investors away from safe haven. On Friday, gold was traded at Rs 47,755 per 10 grams in the domestic market.
Bullion trading had opened this week with gold priced at Rs 48,180 per 10 grams on Sunday. Though gold rallied by Rs 175 on Monday, it started downward journey from Wednesday.
Price data of Nepal Gold and Silver Dealers Association (Negosida) that sets the rate of the yellow metal shows gold shed Rs 515 per 10 grams overnight on Wednesday. While the price remained unchanged on Thursday, gold became cheaper by Rs 85 per 10 grams when the market closed on Friday.
The price of silver, on the other hand, remained unchanged over the week. On Friday, silver was traded at Rs 866 per 10 grams.
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