Rupee weakens, gold loses luster

WEEKLY MARKET COMMENTARY (March 8-13)

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Rupee weakens, gold loses luster

KATHMANDU, March 14: Nepali rupee weakened by 55 paisa against US dollar this week as the Indian currency, with which rupee is pegged, lost value against the greenback. Gold price, on the other hand, came down by Rs 170 per 10 grams this week.

CURRENCY

Rupee lost 55 paisa to close at 100.31 against US dollar on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 99.76.

Though rupee's value remained unchanged on Monday, it lost 63 paisa to close at 100.39 against the dollar on Tuesday. Rupee shed another 33 paisa on Wednesday to close at 100.72 against the greenback. The local currency continued its losing run on Thursday, shedding 4 paisa to settle at 100.76 against the dollar. Rupee, however, gained 45 paisa on Friday to close the week's trading at Rs 100.31.

Meanwhile, rupee gained Rs 2.76 against euro and 86 paisa against Pound Sterling this week. A euro was exchanged at Rs 106.65 on Friday, while the British Pound was valued Rs 150.47.

BULLION

Gold price came down by Rs 170 per 10 grams over the week.

Trading opened on Sunday with price of gold fixed at Rs 43,295 per 10 grams. Gold price increased by Rs 260 per 10 grams to Rs 43,555 on Monday. The yellow metal, however, became cheaper by Rs 260 per 10 grams to Rs 43,295 on Tuesday. Though the price remained unchanged on Wednesday, it came down by Rs 340 per 10 grams on Thursday to close at Rs 42,955. Meanwhile, gold price increased by Rs 170 per 10 grams to close the week's trading at Rs 43.125 on Friday.

Price of silver came down by Rs 8.5 per 10 grams over the week. On Friday, silver was traded at Rs 574.5 per 10 grams.