Rupee strengthens, gold glitters

weekly market commentary (April 12-17)

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Rupee strengthens, gold glitters

KATHMANDU, April 18: Nepali rupee gained a nominal 1 paisa against US dollar this week as the Indian currency, with which rupee is pegged, gained value against the greenback. Price of gold, on the other hand, increased by Rs 85 per 10 grams.

CURRENCY

Rupee gained 1 paisa to close at 99.99 against US dollar on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 100.

Though rupee's value remained unchanged on Monday, it lost 32 paisa to close at 100.32 on Tuesday. Rupee's value remained unchanged on Wednesday as well. However, the local currency gained 23 paisa on Thursday to close at 100.09. Rupee gained another 10 paisa on Friday to close the week's trading at Rs 99.99.

Meanwhile, rupee lost Rs 1.39 against euro and a whooping Rs 3.13 against Pound Sterling over the week. A euro was exchanged at Rs 107.35 on Friday, while the Pound Sterling was valued Rs 149.31.

BULLION

Gold price increased by Rs 85 per 10 grams to Rs 44,240 this week. Trading opened on Sunday with price of gold fixed at Rs 44,155 per 10 grams. Gold price increased by Rs 255 per 10 grams on Monday to Rs 44,410. Though the price remained unchanged on Tuesday, it came down by Rs 300 per 10 grams to settle at Rs 44,110 on Wednesday. On Thursday, the yellow metal became dearer by Rs 170 per 10 grams to close at Rs 44,280. Gold price dropped by Rs 40 per 10 grams on Friday to close the week's trading at Rs 44,240.

Similarly, silver price came down by Rs 4 per 10 grams over the week. Silver was traded at Rs 596 per 10 grams on Friday.