Gold price also went through sharp upheavals, creating new records in the domestic market. However, prices eased down comparatively when the market closed on Friday. [break]
Currency
Nepali currency devalued by 9 paisa against a US dollar this week, rendering imports expensive, but bringing cheers to the exporters and remittance receivers. A US dollar was exchanged at Rs 74.84 on Friday.
Nepal Rastra Bank, the country´s monetary authority, had fixed the exchange rate of a dollar at Rs 74.75 on Sunday. As greenback slid against Indian currency, Nepali rupee gained 30 paisa on Monday.
But rupee started to lose value from Tuesday. It lost 23 paisa on Tuesday and a whopping 95 paisa on Wednesday. However, rupee bounced back and gained 3 paisa on Thursday and a further 76 paisa on Friday.
Likewise, Nepali rupee weakened by Rs 1.39 against a pound sterling, but gained 23 paisa against a euro this week. On Friday, a pound sterling was exchanged at Rs 110.29 and a euro was valued at Rs 92.09.
Bullion
The price of gold touched a new high this week, but the price soon receded, making gold cheaper by Rs 7 per gram on Friday, as compared with Sunday´s price. On Friday, gold was traded at Rs 30,110 per 10 grams.
The market opened this week with yellow metal trading at Rs 30,180 per 10 grams Sunday. As tension in Korean peninsula and other factors turned international market jittery, gold price jumped by Rs 225 overnight on Tuesday and by a further Rs 475 per 10 grams on Wednesday.
But the price dropped by Rs 430 on Thursday and further went down by Rs 370 when the market closed on Friday.
The price of silver too dropped in the domestic market. It was traded at Rs 467 per 10 grams on Friday. the price was Rs 474 of Sunday. As Nepal meets domestic demand of gold and silver through imports, any change in their global prices directly affect the prices in the local market.
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