Currency
Partially convertible Nepali currency weakened by 60 paisa vis-a-vis US dollar and closed at Rs 81.65 per dollar this week, as the greenback bounced back against Indian currency with which Nepali rupee is pegged.
Nepal Rastra Bank, the monetary authority, had fixed the exchange rate of US dollar at Rs 81.05 on Sunday. The exchange rate rose consistently as Nepali rupee dropped in value against US dollar over the week. On Tuesday, exchange rate of US dollar was fixed at Rs 81.25, while on Thursday it soared further to Rs 81.65 per dollar.
Nepali rupee strengthened by 95 paisa against the euro and closed at Rs 109.81 per euro on Friday. It, however, weakened marginally by Rs 1.77 against pound sterling, which was exchanged at Rs 119.50 on Friday. As per the existing open-market exchange rate policy, rates quoted by different banks could differ.
Bullion
Gold price went down by Rs 34 per gram this week and closed at Rs 24,780 per 10 grams in the domestic market Friday. Dealers attributed the drop to the decline in prices of gold in the international market.
According to Nepal Gold-Silver Dealers Association (NGSDA), gold was priced Rs 25,120 per 10 grams when trading opened on Sunday. While the price remained unchanged on Monday, gold price dropped over the next two days and was traded at Rs 24,735 per 10 grams on Wednesday. On Thursday, however, it gained Rs 45 per ten grams and was traded at 24,780 per 10 grams. Its price remained unchanged on Friday.
Likewise, the price of silver remained constant throughout the week and closed at Rs 361 per 10 grams this week. As Nepal fulfills bullion demand through international imports, any fluctuation in price of gold in the international market causes similar change in the domestic market.
Stock Market
Nepal Stock Exchange (NEPSE) index shed away 8.20 points and closed at 675.30 points on Wednesday this week, as the country´s secondary market failed to lure investors.
According to a NEPSE statement, 330,100 unit shares of 87 companies were traded at the NEPSE´s floor this week. The transactions totaled to Rs 279.46 million, which was a drop of 4.92 percent over the transactions recorded last week. Last week, 429,300 shares were traded at NEPSE. Of the total transactions, turnover of category A companies alone valued at Rs 187.70 million. It was 67.19 percent of the total transactions.
Group-wise performance record shows commercial bank group index recorded a drop of 4.58 points. Index of development bank group plummeted by 51.18 points along with that of financial, insurance, hydropower and other groups. Indices of hotels and trading groups remained unchanged, whereas index of manufacturing groups increased by 15.77 points over the week.
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Rupee weakens, gold slips, NEPSE drops
