Gold became dearer by Rs 1,540 per 10 grams, affecting those tying knots this wedding season.
Currency
Nepali rupee gained 68 paisa against a US dollar over the week. Rupee´s appreciation lowered the import costs, bringing some respite to consumers, but dragged down receipts of remittance receivers as well as exporters. On Friday, US dollar was exchanged at Rs 96.04.
Nepal Rastra Bank (NRB), country´s monetary authority, opened currency trading on Sunday with exchange rate of US dollar set at Rs 96.72. Though rupee gained 7 paisa on Monday, it shed a whopping Rs 1.04 on Tuesday to close at Rs 97.69. Rupee, however, rallied on Wednesday, gaining 85 paisa to close at Rs 96.84. It gained another 53 paisa on Thursday to Rs 96.31.
According to Reuters, Indian currency´s gain was aided by fresh steps taken by the Reserve Bank of India (RBI) to curb speculative trading in the currency, although weak domestic shares and demand from importers kept larger gains in check.
Rupee gained another 27 paisa on Friday to end the week´s trading at Rs 96.04.
The local currency lost 63 paisa against a Euro, but gained 43 paisa against British Pound over the week. Euro was exchanged at Rs 125.26 on Friday, while British Pound was valued Rs 144.80.
Bullion
Gold became dearer by Rs 1,540 per 10 grams over the week. Bullion trading opened this week with gold priced at Rs 41,670 per 10 grams on Sunday.
The yellow metal became dearer by Rs 425 per 10 grams to Rs 42,095 on Monday. On Tuesday, price of gold increased by another Rs 645 per 10 grams to close at Rs 42,740 per 10 grams.
After posting gains for two straight weeks, gold price went down by Rs 470 per 10 grams to Rs 42,270 per 10 grams on Wednesday. However, gold rallied on Thursday, gaining Rs 940 per 10 grams. The price remained unchanged at Rs 43,210 per 10 grams on Friday.
Price of silver also increased by Rs 25.5 per 10 grams this week. On Friday, silver was traded at Rs 711.5 per 10 grams.
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