WEEKLY MARKET COMMENTARY (March 15-20)
KATHMANDU, March 20: Nepali rupee gained 72 paisa against US dollar this week as the Indian currency, with which rupee is pegged, strengthened against the greenback. Meanwhile, gold price went up by Rs 175 per 10 grams over the week.
CURRENCY
Rupee gained 72 paisa against US dollar to close at 100.33 on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 101.05.
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Though the rupee's value remained unchanged on Monday, it gained 25 paisa against US dollar to close at 100.80 on Tuesday. Rupee gained another 17 paisa on Wednesday to close at 100.63 against US dollar. The local currency strengthened by further 2 paisa against US dollar on Thursday to settle at 100.61. On Friday, rupee gained another 31 paisa against to close the week's trading at 100.33 against the greenback.
According to Reuters, Indian rupee strengthened to its highest level in two weeks on Thursday after a dovish Fed statement, but further gains will depend on foreign fund flows into equity markets during the day.
Meanwhile, rupee weakened by 31 paisa against euro but gained 34 paisa against Pound Sterling over the week. A euro was exchanged at Rs 107.30 on Friday, while the Pound Sterling was valued Rs 149.46.
BULLION
Gold price increased by Rs 175 per 10 grams over the week. Market opened on Sunday with price of gold fixed at Rs 43,295 per 10 grams.
Though gold price remained unchanged on Monday, the price went down by Rs 215 per 10 grams on Tuesday to settle at Rs 43,080. Gold price continued to decline as its price went down by Rs 125 per 10 grams to Rs 42,955 on Wednesday. Gold rallied on Thursday, as its price went up by Rs 515 per 19 grams on Thursday to close at Rs 43,470. The price remained unchanged to close the week's trading at Rs 43,470 per 10 grams on Friday.
Price of silver went up by Rs 8.5 per 10 grams this week. On Friday, silver was traded at Rs 587.5 per 10 grams.
