WEEKLY MARKET COMMENTARY

Rupee strengthens, gold glitters

Published On: September 10, 2016 12:40 AM NPT By: Republica


KATHMANDU, Sept 10: Nepali rupee gained 69 paisa against US dollar this week as the Indian currency, with which rupee is pegged, strengthened against the greenback. Gold price, on the other hand, increased by Rs 260 per 10 grams over the week.
 
Currency
Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 107.26. 

Rupee gained 4 paisa on Monday to end the day's trading at 107.22 against the dollar.

Though rupee's value remained unchanged on Tuesday, it gained another 46 paisa on Wednesday to settle at 106.76 against the dollar. Rupee continued its gaining streak on Thursday as well, as its value went up by 24 paisa to 106.52 against the greenback. The local unit, however, lost 5 paisa against US dollar on Friday to close the week's trading at 106.57.  

Rupee lost 19 paisa against euro but gained 2 paisa against Pound Sterling this week. On Friday, a euro exchanged at Rs 120.13 while British Pound was valued Rs 142.37.
    
Billion
Trading opened on Sunday with price of gold fixed at Rs 50,240 per 10 grams. 

Though the price remained unchanged on Monday, it fell by Rs 85 per 10 grams on Tuesday to Rs 50,155. Price of the yellow metal, however, increased by Rs 515 per 10 grams to Rs 50,670 on Wednesday. Though gold price remained unchanged on Thursday, the price dropped by Rs 170 per 10 grams on Friday to wrap the week's trading at Rs 50,500.

Silver, however, became dearer by Rs 4.5 per 10 grams over the week. On Friday, silver was traded at Rs 754.5 per 10 grams.  


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