Currency
Nepali currency appreciated by 75 paisa against a US dollar, rendering imports cheaper but slashing income earning for exporters and remittance receivers over this week. A dollar was exchanged at Rs 77.22 on Friday.
Nepal Rastra Bank had fixed the exchange rate of a dollar at Rs 77.97 on Sunday. As demand for dollar went through rapid upheavals in India, rupee gained marginally on Monday, but slipped to as low as Rs 78.32 per dollar on Tuesday. It gradually bounced back over the remaining days, gaining Rs 1.10 against a dollar on Friday, as compared with Tuesday.
Rupee, however, weakened against euro by 4 paisa, but recorded a whopping gain of Rs 2.53 against a pound sterling during the period. On Friday, a euro was exchanged at Rs 113.89, while a pound sterling was valued at Rs 127.70.
Bullion
Gold price eased on Friday after creating a new record on Thursday. The fall on Friday is due mainly to fall in international price and fall in exchange rate of dollar on Friday. Domestic bullion market closed on Friday with gold price at Rs 25,505 per ten grams. Gold became dearer only by Rs 40 per 10 grams over the week.
Gold dealers had opened the market at Rs 25,465 per 10 grams on Sunday. As rupee slipped, gold price soared to Rs 25,550 per 10 grams on Wednesday and Rs 25,600 on Thursday. But it fell by Rs 95 per 10 grams overnight on Friday amid appreciation of Nepali currency vis-à-vis dollar.
The price of silver, however, continued to soar and touched a record high of Rs 437 per 10 grams on Friday. As Nepal meets domestic bullion requirements through imports, any fluctuation in international prices directly impacts the domestic prices.
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