Currency
Nepal Rastra Bank (NRB), the central monetary authority, fixed exchange rate of a US dollar at Rs 87.35 when market opened for trading on Sunday. The local currency gained a whopping 36 paisa on Monday to close at Rs 86.99. Rupee gained another 34 paisa a day later and closed at Rs 86.65 on Tuesday. Rupee´s gain can largely be attributed to the strengthening of Indian currency against the greenback.
According to news agencies, the Indian currency rose against the dollar because of the optimism that the government will deliver a fiscally disciplined 2013/14 budget, attracting more foreign flows into the country. The Indian rupee, however, weakened sharply after the budget unveiled on Thursday increased spending despite keeping fiscal targets in place, while measures to attract foreign flows were seen as limited, according to agencies.
The local currency weakened by 26 paisa on Wednesday but rallied on Thursday, gaining 60 paisa to close at Rs 86.51. Rupee, however, lost a whopping 98 paisa to close at Rs 87.29 paisa on Friday.
Likewise, rupee gained a whopping Rs 1.01 against British Pound and 95 paisa against Euro. British Pound was exchanged at Rs 132.42 and Euro was valued Rs 114.1 on Friday.
Bullion
Gold price remained unchanged at Rs 48,270 per 10 grams over the week. Bullion trading opened this week with the yellow metal priced at Rs 48,270 per 10 grams on Sunday.
Though the price went down by Rs 175 per 10 grams on Monday, hitting the week-low of Rs 48,095 per 10 grams, it gained the lost value a day later to close at Rs 48,270 per 10 grams. Gold price went up by Rs 430 per tola to Rs 48,700 on Wednesday, but came down by Rs 430 to close at Rs 48,270 per 10 grams on Thursday. The price remained unchanged on Friday.
Meanwhile, price of silver declined by Rs 4.50 per 10 grams over the week. On Friday, silver was priced at Rs 900 per 10 grams.
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Rupee weakens, gold unchanged
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