KATHMANDU, March 15: Nepali rupee strengthened against US dollar this week as the Indian currency, with which rupee is pegged, gained value in India. The local currency gained a whopping 59 paisa against the greenback over the week. The price of gold, however, remained unchanged over the week.[break]
Currency
Nepali rupee gained a whopping 59 paisa against a US dollar over the week, making imports cheaper but lowering export and remittance income.
Nepal Rastra Bank (NRB), the central monetary authority, opened trading on Sunday with exchange rate fixed at Rs 87.59. Rupee gained 3 paisa on Monday and another 10 paisa to close at Rs 87.46 on Tuesday.
According to news agencies, Indian rupee gained as the US dollar weakened globally after strong US economic data raised the prospect of US Federal Reserve retreating early from monetary easing.
Rupee gained 9 paisa and closed at 87.37 on Wednesday and another 22 paisa on Thursday to settle at Rs 87.15. The local currency gained another 15 paisa to close at Rs 87 on Friday.
Similarly, rupee gained a whopping Rs 1.98 paisa against British Pound and 1.93 paisa against Euro over the week. British Pound was exchanged at Rs 129.86 on Friday, while Euro was valued Rs 112.68.
Bullion
Gold price remained unchanged at Rs 48,440 per 10 grams this week.
Federation of Nepal Gold and Silver Dealers´ Associations opened bullion trading on Sunday with gold priced at Rs 48,440 per 10 grams. Price of gold remained unchanged throughout the week.
Price of silver also remained unchanged this week. Silver was traded at Rs 904.50 per 10 grams on Friday.
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