Currency
Nepali rupee gained 84 paisa against a US dollar over this week, brining cheers to importers and consumers. However, it dragged down the income of exporters and remittances receivers. On Friday, a dollar was valued Rs 78.76.
Nepal Rastra Bank (NRB), country´s monetary authority, had set the exchange rate of dollar at Rs 79.60 when the market opened this week on Sunday. As increased supply of dollar continued to ease pressure emanating from dollar´s demand in India, rupee gained 40 paisa overnight against a dollar on Monday. Although rupee-USD exchange rate remained unchanged on Tuesday, rupee shed 10 paisa overnight on Wednesday and another 9 paisa on Thursday. But compared to the previous day, rupee regained 63 paisa against a dollar on Friday when the market closed this week.
Rupee also gained 91 paisa against a euro and 19 paisa against a pound sterling over this week. A euro was exchanged at Rs 103.41, while a pound sterling was valued Rs 124.61 on Friday.
Bullion
Despite rupee´s gain, which lowered the cost of imports, the price of gold went up by Rs 255 per ten grams in the domestic market over this week. Dealers that traded the yellow metal at Rs 46,550 per ten grams on Friday attributed the rise to marginal upheavals in international rate as well as short supply of gold in the market.
Bullion trading had opened this week with gold priced at Rs 46,295 per ten grams on Sunday. Although the price was not changed on Monday, dealers jacked up the price of yellow metal by Rs 260 per ten grams on Tuesday and further Rs 170 per ten grams on Wednesday.
Dealers attributed the rise in prices to shortage of yellow metal that propped up after the commercial banks stopped supplying gold in the market. Banks said they could not supply gold mainly because they are out of stock and yet to get fresh supplies. However, after the banks committed to speed up the imports in a bid to ease supply, dealers lowered the prices by Rs 175 per ten grams on Friday.
The price of silver also went up by Rs 8.50 per ten grams in the domestic market over this week. Silver was traded at Rs 943 per ten grams on Friday.
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