WEEKLY MARKET COMMENTARY (Aug 14-19)

Rupee strengthens, gold glitters

Published On: August 20, 2016 12:10 AM NPT By: Republica


KATHMANDU, Aug 20: Nepali rupee appreciated by 12 paisa against US dollar this week as the Indian currency, with which rupee is pegged, gained strengthened against the greenback. Gold price, on the other hand, increased by Rs 340 per 10 grams over the week.
 
CURRENCY
Nepal Rastra Bank (NRB), the central regulatory authority, opened currency trading on Sunday with value of US dollar fixed at Rs 107.30.

Rupee weakened by 2 paisa on Monday to settle at 107.32 against thet US dollar. Though rupee's value remained unchanged on Tuesday, the local currency strengthened by 10 paisa to settle at 107.22 against the greenback on Wednesday. Rupee continued its gaining streak on Thursday as well, as its value rose by 11 paisa to 107.13 against the dollar. The local currency, however, depreciated by 5 paisa on Friday, to close the week's trading at 107.18 against the US dollar.

Rupee lost a whopping Rs 1.61 against euro and Rs 2.08 against Pound Sterling over the week. On Friday, a euro exchanged at Rs 121.26, while Pound Sterling was valued Rs 141.01.    

BILLION
Trading began on Sunday with gold price fixed at Rs 50,500 per 10 grams.

Gold price went up by Rs 340 per 10 grams on Monday to settle at Rs 50,840. Price of the yellow metal remained unchanged until Friday to end the week's trading at Rs 50,840 per 10 grams.

Price of silver also remained unchanged at Rs 763 per 10 grams this week.

 


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