Currency
Nepali rupee shed 49 paisa against US dollar over the week making imports expensive but raising receipts of exporters as well as remittance receivers. On Friday, a US dollar was exchanged at Rs 87.05.
Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading this week with exchange rate of US dollar set at Rs 86.56 on Sunday. Rupee shed 4 paisa overnight to close at Rs 86.6 on Monday. As gold importers in India placed huge demand for the greenback, Indian currency fell, causing Nepali rupee to shed another 30 paisa on Tuesday to settle at Rs 86.9 on Tuesday. The local currency lost one paisa on Wednesday and another two paisa on Thursday to close at Rs 86.93 paisa.
According to Reuters, Indian rupee is hurt by heavy demand for greenback from gold importers after prices of the yellow metal fell. “Indian rupee fell as persistent dollar demand from oil and gold importers offset the positive risk sentiment seen regionally, while a fall in local shares also weighed,” Reuters said.
Rupee weakened by 12 paisa to close the week´s trading at Rs 87.05 on Friday.
The local currency also shed 78 paisa against euro and Rs 1.05 against British Pound this week. On Friday, Euro was traded at Rs 114.48 while the British Pound was valued Rs 135.52.
Bullion
Gold became cheaper by Rs 340 per 10 grams over the week after the price of yellow metal went down in international bullion market. The precious metal was traded at Rs 44,670 per 10 grams on Friday.
Bullion trading had opened this week with gold priced at Rs 45,010 per 10 grams on Sunday. The price dropped by Rs 170 per 10 grams on Monday to close at Rs 44,840 per 10 grams. Though the price remained unchanged on Tuesday, it went down by Rs 430 per 10 grams on Wednesday to close at 44,410 per 10 grams. It, however, gained by the same margin on Thursday to settle at Rs 44,840 per 10 grams. The price dropped by Rs 170 per 10 grams to Rs 44,670 per 10 grams on Friday.
Price of silver also went down by Rs 8.5 per 10 grams over the week. On Friday silver was traded at Rs 771.5 per 10 grams, according to Federation of Nepal Gold and Silver Dealers´ Associations.
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