Currency
Nepali currency gained 12 paisa against a dollar, bringing cheers to exporters and remittance recipients but rendered imports expensive this week. A dollar was exchanged at Rs 74.59 on Friday. [break]
Nepal Rastra Bank (NRB), country´s monetary authority, had fixed the exchange rate of a US dollar at Rs 74.71 on Sunday. As greenback went through sharp upheavals against the Indian currency with which Nepali currency is fixed, rupee weakened to $75.04 per dollar, shedding 33 paisa by Tuesday. But it bounced back amid dropping demand of US dollar and gained 9 paisa on Wednesday, 16 paisa on Thursday and further 20 paisa on Friday.
Likewise, Nepali rupee gained 66 paisa against a pound sterling this week. On Friday, a pound sterling was traded at Rs 116.41. However rupee shed 48 paisa against a euro, which was traded at Rs 102.73 when the market closed on Friday.
Bullion
Gold became dearer by Rs 34.5 per gram this week, as easy availability of the precious metal dragged down its prices in the domestic market. It was traded at Rs 27,435 per 10 grams on Friday.
Nepal Gold and Silver Dealers Association, which fixes the domestic price of gold in Nepal, had opened gold at Rs 27,090 on Sunday. While short supply had suddenly surged the prices in the past, resumption of imports caused its price to plummet by Rs 510 per 10 grams overnight on Wednesday.
However, as the demand for the ongoing marriage build up, its prices went up yet again by Rs 255 per 10 grams on Wednesday and further Rs 600 on Thursday. Although the market officially remained closed on Friday due to Shivaratri festival, dealers on the day traded gold at the price fixed on Thursday.
Unlike gold, price of silver dropped to Rs 425 per 10 grams in the market. Dealers attributed the drop to decline in demand as well as drop in the price in international market.
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