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Gold, on the other hand, became cheaper as drop in the international prices brought down its prices in the domestic market. [break]
Currency
Nepali rupee weakened by 14 paisa against a dollar this week, as demand for the greenback picked up in India, on which the Nepali rupee is pegged. On Friday, a dollar was exchanged at Rs 74.45.
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of a dollar at Rs 74.31 when the market opened on Sunday. After a brief slip on Monday, Nepali rupee had continued to strengthen over the following days, gaining 22 paisa on Tuesday and further 5 paisa on Wednesday.
However, dollar bounced back strongly over the next two days, forcing rupee to shed 20 paisa on Thursday and further 15 paisa on Friday.
Rupee, however, strengthened against euro as well as pound sterling by 27 paisa and Rs 1.93 respectively this week. A euro was exchanged at Rs 100.38 on Friday and a pound sterling was valued Rs 114.16 on the day.
Bullion
Gold became cheaper by Rs 77.50 per ten grams this week, as improved supplies and drop in international gold prices dragged its prices down in the domestic market. On Friday, gold was traded at Rs 26,790 per 10 grams.
Nepal Gold and Silver Dealers´ Association, which sets the price of gold in the domestic market, had fixed the price of the yellow metal at Rs 27,565 per 10 grams on Sunday. But gold rapidly lost its shine over the following days of the week. According to the association, gold had become cheaper by Rs 265 by Tuesday and further by Rs 210 by Thursday.
The market remained closed on Friday as the gold dealers went on a strike as a protest against the incident of looting of some Rs 10 million from a gold dealer in Baneshwar on Wednesday.
Amid plummeting demand and global prices, the price of silver too dropped sharply to Rs 407 on Friday.
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