Currency
Rupee lost a whopping Rs 2.18 against US dollar over the week to close at Rs 93.32 on Friday. The weakening of rupee increased import costs, but raised receipt of exporters as well as remittance receivers.[break]
Currency trading opened this week with exchange rate of rupee against US dollar fixed at Rs 91.14 on Sunday. The local currency shed 45 paisa on Monday and another Rs 1.34 on Tuesday to close at Rs 92.93 after Indian currency weakened against the greenback.
According to Reuters, the Indian rupee has fallen reflecting caution ahead of the US monthly jobs data and falls in most emerging market currencies. The Indian currency has fallen more than eight percent since the beginning of May.
On Wednesday, rupee dropped 86 paisa to close at all time low of Rs 93.79. Rupee, however, gained 68 paisa on Thursday to settle at Rs 93.11.
According to Reuters, the Indian currency recovered a large part of its losses on Thursday in India helped by dollar sales from corporate houses and exporters.
Despite gains on Thursday, rupee lost 21 paisa on Friday -- the final trading day of the week -- to close at Rs 93.32.
Nepali rupee also lost a whopping Rs 3.77against Euro and Rs 4.07 against British Pound this week. On Friday, Euro was exchanged at Rs 124.52, while British Pound was valued Rs 146.08.
Bullion
Gold became dearer by Rs 1,115 per 10 grams over the week. Bullion trading opened this week with gold priced at Rs 44,325 per 10 grams on Sunday.
The yellow metal became dearer by Rs 385 per 10 grams on Monday to close at Rs 44,710. On Tuesday, price of gold increased by another Rs 730 per 10 grams to Rs 45,440 per 10 grams.
The price, however, remained unchanged on remaining three trading days - Wednesday, Thursday and Friday - as Federation of Nepal Gold and Silver Dealers´ Associations did not fix gold price to protest the government action against gold and silver dealers that were found involved in unethical business practice during market monitoring conducted by different government agencies.
Gold ended the week´s trading at Rs 45,440 per 10 grams.
Price of silver also increased by Rs 17 per 10 grams this week and closed at Rs 750 per 10 grams on Friday.
Related story
Rupee slumps to record low against dollar
