Gold price, on the other hand, jumped up in the market as the government raised its import tariff and the central bank continued to control its import. [break]
Currency
Nepali rupee weakened by 10 paisa against a dollar this week, as demand for the greenback soared in India with whose currency Nepali rupee is pegged. On Friday, a dollar was exchanged at Rs 73.10.
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of a dollar at Rs 73 when the market opened on Sunday. Nepali rupee stood firm at it for the three consecutive days, but weakened by a sharp 24 paisa on Wednesday. On Thursday, however, it gained 34 paisa overnight, only to shed 20 paisa on Friday when the market closed this week.
Likewise, rupee weakened against a pound sterling by Rs 1.62, while it recorded a nominal gain of 20 paisa against a euro this week. A pound sterling was exchanged at Rs 111.51 on Friday and a euro was valued Rs 99.80 on the day.
Bullion
Gold became dearer by Rs 870 per ten grams this week, as government increased its import duty by Rs 340 per 10 grams and the central bank refused to let go control over its import, which continued shortage of yellow metal in the market. On Friday, gold was traded at Rs 27,865 per 10 grams.
Nepal Gold and Silver Dealers Association, which sets the price of gold in the domestic market, had fixed the price of yellow metal Rs 26,995 per 10 grams on Sunday. However, price instantly jumped Rs 440 on Monday after the government increased import duty late Sunday.
Buoyed by confusion over resumption of normal supplies, gold price further gained Rs 345 per 10 grams on Tuesday and Rs 85 on Wednesday. The commitment of the central bank to soon ease imports, meanwhile, helped the market to maintain price over the last two days of the week.
Likewise, the price of silver too increased to Rs 429 per 10 grams over the week.
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