WEEKLY MARKET COMMENTARY (June 26-July 1)

Rupee appreciates against dollar, gold unchanged

Published On: July 2, 2016 02:25 AM NPT By: Republica


KATHMANDU, July 2: Nepali rupee gained 66 paisa against US dollar this week as the Indian currency, with which rupee is pegged, appreciated against the greenback. Gold price, on the other hand, remained unchanged over the week at Rs 50,155 per 10 grams.

CURRENCY
Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with dollar's value fixed at Rs 109.
Rupee lost 4 paisa to settle at 109.04 against US dollar on Monday. On Tuesday, rupee shed another 4 paisa to settle at 109.08 against the greenback. The local currency, however, gained 12 paisa on Wednesday to settle at 108.96 against the dollar. Rupee appreciated by 43 paisa on Thursday to 108.53 against US dollar. The local unit continued the rally on Friday as well, gaining 19 paisa to close the week's trading against the greenback at 108.34.
Rupee gained 77 paisa against euro and a whopping Rs 5.41 against Pound Sterling over the week. On Friday, euro was exchanged at Rs 120.54 while Pound Sterling was valued Rs 146.01.

BULLION
Trading opened on Sunday with price of gold fixed at Rs 50,155 per 10 grams.
Gold price went up by Rs 170 per 10 grams on Monday to Rs 50,325. The price, however, fell by Rs 340 per 10 grams on Tuesday to settle at Rs 49,985. Though price of the yellow metal remained unchanged on Wednesday, it came down by another Rs 260 per 10 grams to Rs 49,725 on Thursday. Gold price increased by Rs 430 per 10 grams on Friday to close the week's trading at Rs 50,155.  
Price of silver price increased by Rs 47 per 10 grams this week. On Friday, silver was traded at Rs 746 per 10 grams. 


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