Currency
Nepali currency strengthened by 90 paisa against the US dollar over the week, as the Indian rupee recorded gains against the greenback. One dollar was valued Rs 75.70 on Friday.
Nepal Rastra Bank, the country´s monetary authority, had fixed the exchange rate of the dollar at Rs 76.60 on Sunday, but the domestic currency gained 95 paisa against the dollar overnight and further strengthened by 20 paisa on Tuesday. On Wednesday, however, it weakened to Rs 75.65 per dollar and further devalued to Rs 75.70 per dollar Friday.
Contrary to gains against the greenback, the Nepali currency depreciated by Rs 1.64 against the euro and also weakened by Rs 1.61 against pound sterling over the week. Euro was exchanged at Rs 107.61 on Friday, while pound sterling was valued Rs 123.47 that day. Going by the open market exchange regime, rates may vary between commercial banks.
Bullion
The price of 10 grams of gold remained unchanged at Rs 24,220 over the week in the domestic market even though the price fluctuated in a range of Rs 250 on trading days between Sunday and Friday. Gold dealers attributed the trend to a similar movement of prices in the international market.
According to Nepal Gold and Silver Dealers´ Association, gold was traded at Rs 24,220 per 10 grams on Sunday. Its price rose by Rs 185 per 10 grams on Monday, but it fell back to Rs 24,220 on Tuesday. On Thursday, the yellow metal dropped to Rs 24,050. It gained Rs 170 per 10 grams overnight and was traded at Rs 24,220 Friday.
Silver also remained unchanged at Rs 367 per 10 grams over the week. As Nepal fulfills its bullion requirements through imports, any fluctuation in international prices directly impacts domestic rates.
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