Despite mid-week rise, gold price, on the other hand, slid on the last trading day of the week, causing no net change in its value on the domestic market.[break]
Currency
Nepali rupee gained 78 paisa against a US dollar over the week, causing import cost to go down, but also lowering export and remittance receipts. On Friday, a US dollar was traded at Rs 87.30.
As Sunday was a public holiday, currency trading opened this week on Monday with exchange rate set at Rs 88.08 per US dollar. As inflow of dollar increased amid strong performance of stocks in India, Indian currency gained, enabling Nepali rupee to strengthen by 20 paisa on Tuesday. Though Nepali currency shed 2 paisa on Wednesday against the greenback, it gained whopping 62 paisa on Thursday due to optimism over a deal in the US that averted a fiscal crisis. Nepali rupee, however, shed 2 paisa on Friday as demand for greenback by oil firms in India weakened Indian currency.
Likewise, Nepali rupee gained Rs 1.82 against a euro to close at Rs 114.91 on Friday and 27 paisa against a pound sterling to end at Rs 141.74 for the week.
Bullion
Consumers found no change in the gold price over the week as rise in global stocks following US fiscal deal caused the yellow metal price to drop on Friday negating price hike recorded during mid-week trading. The yellow metal traded at Rs 50,155 per 10 grams, or Rs 58,501 per tola, on Friday.
Bullion trading opened this week with gold priced at Rs 50,155 per 10 grams on Monday. As worries over looming US fiscal woes drove investors to safer haven, gold price jumped by Rs 255 per 10 grams on Tuesday. Though the price remained unchanged on Wednesday, gold became expensive by another Rs 260 per 10 grams on Thursday. However, gold lost Rs 515 per 10 grams on Friday, causing it to shed all the gains made during the week.
The price of silver, on the other hand, declined by Rs 13 per 10 grams over the week. On Friday, silver was traded at Rs 934.50 per 10 grams, according to the Nepal Gold and Silver Dealers´ Association.
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