Rupee gained a whopping 70 paisa against greenback over the week. Gold, however, became cheaper by Rs 4,970 per 10 grams following its free fall in the international market.[break]
Currency
Nepali rupee gained 70 paisa against a US dollar over the week, making imports cheaper but lowering export and remittance receipts.
Nepal Rastra Bank (NRB), the central monetary authority, opened trading on Sunday with exchange rate fixed at Rs 87.46. Though the exchange rate remained unchanged on Monday, rupee shed 20 paisa to close the trading at Rs 87.66 on Tuesday. The local currency, however, gained 46 paisa on Wednesday after Indian currency gained value in India.
According to Press Trust of India, the Indian currency hit one-month high against US dollar on a rally in local equities and fresh dollar selling by traders enthused by a lower trade deficit.
Rupee gained 41 paisa on Thursday and another 3 paisa on Friday to close the week´s trading at Rs 86.76 on Friday.
Similarly, rupee gained a whopping Rs 1.25 against Euro and Rs 1.45 against British Pound this week. Euro was exchanged at Rs 113.22 on Friday, while British Pound was valued Rs 132.10.
Bullion
Gold price went down by Rs 4,970 per 10 grams to close the week at Rs 42,970 per 10 grams. Bullion trading opened this week with gold price fixed at Rs 47,840 per 10 grams on Sunday even though price of yellow metal went down massively in the international market on Friday and Saturday. But when the market opened on Monday, Sunday being public holiday, the price went down by Rs 2,830 per 10 grams to Rs 45,010 per 10 grams. Gold shed another Rs 2,570 per 10 grams and closed at Rs 42,440 per 10 grams on Tuesday.
According to jewelers, price of gold dropped in the domestic market due to drop in prices in the international market as investors fled commodities market to invest on equities, stock and fixed deposits. “Strengthening of US stock market and economy due to Euro and Cyprus issues is the other reason behind investors´ shift,” Mani Ratna Shakya, president of Federation of Nepal Gold and Silver Dealers´ Association, said.
Gold price remained unchanged at Rs 41,440 per 10 grams on Wednesday and Thursday. It, however, gained Rs 430 per 10 grams to close at Rs 42,870 per 10 grams on Friday.
Meanwhile, Silver also became cheaper by Rs 98.5 per 10 grams this week. Silver ended the week at Rs 763 per 10 grams on Friday.
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