Currency
Nepali currency remained stable against US dollar over the week. A US dollar was exchanged at Rs 71.30 on Friday. Nepal Rastra Bank, country´s monetary authority, had set the exchanged rate of a US dollar at Rs 71.30 on Sunday. [break]
Although rupee gained 15 paisa against a dollar on Monday, it soon shed value losing 21 paisa against greenback on Tuesday and further 17 paisa on Wednesday. However, as dollar witnessed drop in demand in India, rupee bounced back to close at Rs 71.30 on Friday.
Nepali rupee, however, shed Rs 1.71 against a euro and Rs 1.43 against a pound sterling this week. On Friday, a euro was exchanged at Rs 97.18 and a pound sterling was traded at Rs 110.52.
Bullion
Gold became cheaper by Rs 25.50 per gram in the domestic market this week, as international prices of gold declined amid appreciation of dollar against major rival currencies. On Friday, gold was traded at Rs 27,865 per 10 grams.
Nepal Gold and Silver Dealers´ Association, which sets the price of gold in the local market, had opened trading at Rs 28,120 per ten grams on Sunday. As global prices dropped on Tuesday, the price of the yellow metal in the domestic market too fell by Rs 170 per 10 grams on the day. The price remained stable for the next two days, but fell by Rs 85 per grams on Friday.
The price of silver, however, shot up to Rs 450 per 10 grams from Rs 441.50 over the period. As Nepal fulfills domestic bullion demand through imports, any changes in the global prices of precious metals directly impact the domestic market.
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