Weekly Market Commentary (Aug 21-26)

Rupee up marginally against US dollar, gold prices down

Published On: August 27, 2016 09:28 AM NPT By: Republica


KATHMANDU, Aug 26: After losing value early in the week, the Nepali rupee gained 3 paisa against the US dollar this week as the Indian currency, with which the rupee is pegged to, gained in value against the greenback. The price of gold dropped by Rs 600 per 10 grams over the week. 

CURRENCY
Nepal Rastra Bank (NRB), the central regulatory bank, opened currency trading on Sunday with the value of the dollar fixed at Rs 107.57. 

The rupee lost 3 paisa against the US dollar on Monday to settle at Rs 107.60. On Tuesday, the rupee depreciated a further 26 paisa against the greenback to close at Rs 107.86.

However, the local currency gained 21 paisa against the US dollar on Wednesday to settle at Rs 107.65. The rupee lost 3 paisa against the US dollar on Thursday before bouncing back on Friday to close the week’s trading at Rs 107.54. 

The rupee gained 34 paisa against the euro but lost Rs 1.11 against the pound sterling over the week. On Friday, a euro exchanged at Rs 121.42 while the British pound was valued at Rs 142.31.    

BULLION
The Federation of Nepal Gold and Silver Dealers’ Association opened bullion trading on Sunday with gold prices fixed at Rs 50,840 per 10 grams. 

Gold prices came down by Rs 255 per 10 grams on Monday to settle at Rs 50,585. Though the price of gold remained unchanged on Tuesday, its price increased by Rs 85 per 10 grams on Wednesday to Rs 50,670. The price of the yellow metal dropped Rs 345 per 10 grams on Thursday to settle at Rs 50,325. Prices came further down by Rs 85 per 10 grams on Friday to close the week’s trading at Rs 50,240. 

Silver prices fell Rs 25.5 per 10 grams over the week. On Friday, silver was traded at Rs 729 per 10 grams.


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