Gold, on the other hand, became cheaper by Rs 500 per tola (11.664 grams) over the week -- thanks to its weakening demand in the international market.[break]
Currency
Nepali rupee gained 44 paisa against a US dollar over the week as Indian currency, with which it is pegged, strengthened against greenback after the Indian government made new announcements to bolster confidence of foreign investors. On Friday, a dollar was exchanged for Rs 91.40.
Nepal Rastra Bank (NRB) had opened the trading Sunday with exchange rate of dollar set at Rs 91.88. Rupee recorded overnight gain of a paisa on Monday and 67 paisa against dollar on Tuesday after the Indian central bank intervened in the market to stabilize freefalling Indian currency. But as its impact soon receded, rupee shed 34 paisa on Wednesday and additional 14 paisa on Thursday. On Friday, however, rupee reclaimed a gain of 28 paisa after the Indian government announced it will not impose retroactive taxes on foreign investors.
Likewise, rupee gained Rs 1.58 against a euro and Rs 1.20 against a pound sterling over the week. A euro was exchanged at Rs 113.61, while one pound sterling was exchanged for Rs 142.16 on Friday.
Bullion
The price of gold slipped by Rs 430 per ten grams over this week as international prices dropped after Euro zone agreed bond support to Italy and Spain, two volatile economies. On Friday, gold was traded at Rs 48,440 per ten grams in the domestic market.
Bullion trading had opened this week with gold priced at Rs 48,870 per ten grams Sunday. Though gold became cheaper by Rs 345 per ten grams Monday, it rallied by 685 per ten grams on Tuesday. However, price receded over the remaining trading days. On Wednesday, gold became cheaper by Rs 170 per ten grams on Wednesday, and the price further fell by Rs 600 per ten grams when the market closed on Friday.
The price of silver also dropped by Rs 13 per ten grams this week. On Friday, silver was trade at Rs 866 per ten grams.
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