Rupee shed a whooping Rs 4.9 against US dollar over the week. Gold, on the other hand, became dearer by Rs 2,400 per 10 grams this week.
Currency
Nepali rupee lost Rs 4.9 against US dollar over the week to close at 108.60 on Friday. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of rupee against US dollar fixed at 103.70. [break]
Though rupee gained Rs 2.29 on Monday, it shed Rs 1.6 to close at 103.01 on Tuesday. Rupee´s freefall continued on Wednesday as well, as it lost Rs 2.3 against US dollar to close at 105.31. Rupee plunged to a new low of 108.90, shedding a whopping Rs 3.59 to close the trading at Rs 108.90 on Thursday.
According to Reuters, Indian rupee slumped to a record low of 68.80 against Indian currency on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets. “The pummeling in markets sent the rupee reeling 3.7 percent to an all-time low of 68.80 with the unit closing just a touch off that, at 68.80 per dollar, its biggest single-day fall since October 1995,” Reuters said.
Rupee, however, rallied, gaining 20 paisa on Friday 00 the final trading day of the week - to close at 108.60. Likewise, rupee shed a whooping Rs 5.63 against Euro and Rs 6.72 against Pound Sterling this week. A euro was valued Rs 144.04 on Friday, while the Pound Sterling was exchanged at Rs 168.47.
Bullion
Gold continued to glitter this week as well, as the price of yellow metal went up by a whooping Rs 2,400 per 10 grams to Rs 52,470 per 10 grams on Friday.
Bullion trading opened this week with gold price fixed at Rs 50,070 per 10 grams on Sunday. Gold price increased by Rs 430 per 10 grams to Rs 50,500 per 10 gram on Monday. Gold continued to post gains on Tuesday as well as its price went up by Rs 855 per 10 grams to close at Rs 51,355.
On Wednesday, the yellow metal hit a new record of Rs 54,270 per 10 gram, making all time high of overnight gain of Rs 2,915 per 10 grams. Gold price, however, came down by Rs 945 per 10 grams and Rs 855 per 10 grams, respectively, on Thursday and Friday.
Meanwhile, price of silver also increased by Rs 38.5 per 10 gram this week. Silver was traded at Rs 904.5 per 10 gram on Friday.
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