Currency
Nepali rupee weakened by 22 paisa against US dollar to close at 87.10 on Friday. The local currency shed values as the India currency weakened tracking losses in local shares, weighed down by oil importers´ dollar demand, ending a volatile week largely flat, according to news agencies.
The outlook for Indian rupee weakened after a key regional ally withdrew from the ruling coalition, raising doubts about the government´s reform agenda and after the Reserve Bank of India´s cautious statement on monetary policy raised concerns over economic growth, Reuters said.
Rupee started trading at Rs 86.88 per dollar when the market opened for the week on Sunday. Although the local currency showed sign of strengthening after gaining 14 paisa on Monday, it fell by 26 paisa on Tuesday and another 31 paisa on Wednesday to close at Rs 87.31.
The Indian currency bounced off a near three-week low in early trade on Tuesday after a disappointing RBI policy statement and as DMK withdrew support from the ruling coalition UPA government, reported Reuters.
Rupee gained a paisa on Thursday to close at Rs 87.30. It gained another 20 paisa to close at Rs 87.10 on Friday.
Bullion
Gold became dearer by Rs 515 per 10 grams over the week. Bullion trading opened this week with gold priced at Rs 48,355 on Sunday. The yellow metal became expensive by Rs 85 per 10 grams to Rs 48,440 on Monday.
Gold became dearer by Rs 85 per 10 grams on Tuesday and another Rs 345 per 10 grams on Wednesday to close at Rs 48,870 per ten grams. Though gold price dropped by 85 per 10 grams on Thursday, it regained the lost amount a day later to close at Rs 48,870 per ten grams on Friday.
Price of silver also increased by Rs 8.5 per 10 grams over the week. Silver was traded at Rs 904.5 per 10 grams on Friday.
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