The local currency shed a whooping Rs 4.48 against US dollar over the week. Gold price, on the other hand, soared by Rs 2,060 per 10 grams this week.
Currency
Nepali rupee lost Rs 4.48 against US dollar over the week to close at 103.50 on Friday. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of rupee against US dollar set at 99.02. Though rupee gained 7 paisa to 98.95, it lost Rs 1.65 on Tuesday to close the trading at 100.60. The free fall of local currency continued on Wednesday, losing Rs 1.45 to close at 102.50. [break]
According to Reuters, the Indian currency plunged to a record low on Wednesday on heavy dollar demand from importers and as traders fretted over mixed signals from the Reserve Bank of India (RBI) over its efforts to prop up the currency without choking off economic growth. The Indian currency fell 2 percent to a record low of 64.54 against the US dollar despite what traders said was sporadic central bank intervention in both the spot and forward markets.
Rupee, however, rallied on Thursday, gaining 58 paisa to close the trading at Rs 101.47. On Friday, the final day of the week´s trading, the local currency shed Rs 2.03 to close at Rs 103.50 against the dollar.
Likewise, rupee shed a whooping Rs 6.06 against Euro and Rs 6.5 against Pound Sterling this week. A euro was valued Rs 138.13 on Friday, while the Pound Sterling was exchanged at Rs 161.28.
Bullion
Gold glittered this week as the price of yellow metal went up by a whooping Rs 2,060 per 10 grams. Gold was traded at Rs 50,070 per 10 gram on Friday.
Bullion trading had opened this week with gold price fixed at Rs 48,010 on Sunday. The price of yellow metal soared by Rs 560 to Rs 48,570 on Monday. Gold continued gaining streak on Tuesday as well, gaining Rs 555 per 10 grams to close at Rs 49,125. Though gold remained stable on Wednesday, its price increased by a whooping Rs 1,030 per 10 grams to Rs 50,155 per 10 grams on Thursday. The price, however, came down by Rs 85 per 10 grams to Rs 50,070 per 10 grams on Friday -- the last trading day of the week´s trading.
Meanwhile, price of silver inched up by Rs 30 per 10 grams this week. Silver was traded at Rs 857.50 per 10 grams on Friday.
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