Currency
Nepali currency devalued by 67 paisa against a US dollar this week, rendering imports expensive, but bringing cheers to the exporters and remittances receivers. A US dollar was exchanged at Rs 75.96 on Friday. [break]
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of a dollar at Rs 75.29 on Sunday. As the greenback witnessed a dramatic rise in demand in India, Nepali rupee instantly caught downward drift and shed 11 paisa on Monday. Even though rupee gained 35 paisa against a dollar on Tuesday, it shed 39 paisa on Wednesday and further 52 paisa on Thursday.
Likewise, Nepali rupee weakened by 59 paisa against a pound sterling, but gained Rs 1.19 against a euro this week. On Friday, a euro was exchanged at Rs 93.32 and a pound sterling was valued at Rs 109.01.
Bullion
The price of gold jumped to new high this week. Even though price dipped on the closing day, consumers found gold still expensive by Rs 55.5 per gram on Friday, compared to Sunday. On Friday, gold was traded at Rs 30,180 per 10 grams.
The market had opened this week with yellow metal priced at Rs 29,625 on Sunday. As tension in the Korean peninsula turned international market jittery, gold price jumped up by Rs 485 overnight on Tuesday and further Rs 495 per 10 grams overnight on Wednesday.
Price remained unchanged on Thursday, but on Friday, price of the yellow metal dropped by Rs 425 per 10 grams.
The price of silver too jumped in the domestic market, touching Rs 474 per 10 grams on Friday, compared to Rs 463 of Sunday.
As Nepal fulfills domestic demand of gold and silver through imports, any changes in their global prices directly impact the prices in the local market.
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