WEEKLY MARKET COMMENTARY

Rupee strengthens, gold shines

Published On: August 6, 2016 12:10 AM NPT By: Republica


KATHMANDU, July Aug 6: Nepali rupee gained 15 paisa against US dollar this week as the Indian currency, with which rupee is pegged, appreciated against the greenback. Gold price, on the other hand, went up by Rs 425 per 10 grams over the week.

CURRENCY
Nepal Rastra Bank (NRB), the central regulatory bank, opened currency trading on Sunday with dollar valued at Rs 107.58.

Rupee gained 5 paisa on Monday to settle at 107.53 against the US dollar. On Tuesday also, rupee appreciated by 44 paisa against the greenback to 107.09. The local currency continued its winning run, as its value increased by 4 paisa on Wednesday to close the day's trading at 107.05 against the dollar. Rupee snapped gaining streak on Thursday, shedding 37 paisa to settle at 107.42 against the greenback. The local unit depreciated by 1 paisa on Friday to end the week at 107.43 against the dollar.

Similarly, rupee lost 15 paisa against euro but gained Rs 1.23 against Pound Sterling over the week. On Friday, euro was exchanged at Rs 119.57 while Pound Sterling was valued Rs 142.87.
    
BILLION
Trading began on Sunday with gold valued at Rs 50,585 per 10 grams.

Though the price remained unchanged until Tuesday, it fell by Rs 425 per 10 grams on Wednesday to settle at Rs 51,010. Gold price plunged by Rs 255 per 10 grams on Thursday to Rs 50,755 on Thursday. The price saw a surge of Rs 255 per 10 grams on Friday to close the week's trading at Rs 51,010.

The price of silver, however, came down by Rs 4.5 per grams over the week. On Friday, silver was traded at Rs 780 per 10 grams. 


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