WEEKLY MARKET COMMENTARY (Aug 7-12)

Rupee weakens, gold unchanged

Published On: August 13, 2016 12:20 AM NPT By: Republica


KATHMANDU, Aug 13: Nepali rupee weakened by 7 paisa against US dollar this week as the Indian currency, with which rupee is pegged, lost value against the greenback. Price of gold remained unchanged at Rs 50,500 per 10 grams this week.

CURRENCY
Nepal Rastra Bank (NRB), the central regulatory bank, opened currency trading on Sunday with dollar's value fixed at Rs 107.17.

Rupee gained 3 paisa on Monday to settle at 107.14 against the US dollar. On Tuesday, however, rupee depreciated by 4 paisa to end the day at 107.18 against. The local currency shed another 16 paisa on Wednesday to settle at 107.34 against the greenback. Rupee rallied on Thursday, gaining 28 paisa to close at 107.06 against the dollar. However, the local currency shed 18 paisa to close at 107.24 against the dollar on Friday - the last trading day of the week.

Rupee lost 12 paisa against euro but gained a whopping Rs 1.93 against Pound Sterling this week. On Friday, a euro exchanged at Rs 119.56, while Pound Sterling was valued at Rs 139.03.    

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

Though the price remained unchanged at Rs 50,500 per 10 grams until Tuesday, it went up by Rs 255 per 10 grams to Rs 50,755 on Wednesday.

Gold price remained unchanged on Thursday as well. However, the price came down by Rs 255 per 10 grams on Friday to close the week's trading at Rs 50,500.

Silver price increased by Rs 4.5 per grams over the week. On Friday, silver was traded at Rs 767.5 per 10 grams. 


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