Currency
Nepali currency devalued against a US dollar by 10 paisa over the week, raising income receipts for exporters and remittance receivers. A US dollar was exchanged at Rs 71.50 on Friday. [break]
Nepal Rastra Bank, country´s monetary authority, had set the exchange rate of a US dollar at Rs 71.40 on Sunday. As demand for US dollar recorded a sharp fluctuation in India, rupee gained 20 paisa on Monday, but shed 50 paisa overnight on Tuesday.
Rupee again gained 15 paisa on Wednesday and further 24 paisa on Thursday compared to the previous days. But on Friday, it weakened against a dollar by 19 paisa.
Likewise, Nepali rupee this week also weakened against a euro by 76 paisa and a pound sterling by 52 paisa. On Friday, a euro was exchanged at Rs 95.87 and a pound sterling was traded at Rs 110.53.
Bullion
Gold became cheaper by Rs 38.5 per gram in the domestic market, as international prices of gold declined amid appreciation of US dollar against major rival currencies. Gold was traded at Rs 27,305 per 10 grams on Friday.
Nepal Gold and Silver Dealers´ Association, which sets the price of gold in the local market, had opened trading at Rs 27,690 per ten grams on Sunday. The price caught declining trend throughout the week.
On Monday, gold became cheaper by Rs 125 per 10 grams. The price maintained at the same level for the following two days, but on Thursday it again fell by Rs 140 per 10 grams and further Rs 110 on Friday.
The price of silver too went down in the domestic market to Rs 446 per 10 grams from Rs 450 this week.
As Nepal fulfills domestic bullion demand through imports, any changes in the global prices of precious metals directly impact the domestic market.
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