The local currency gained 49 paisa against the greenback over the week. Gold, however, became cheaper by Rs 600 per 10 grams this week.[break]
Currency
Nepali Rupee rose by 49 paisa against US dollar over the week. This reduced imports costs but lowered export and remittance receipts.
Currency trading opened this week with exchange rate of US dollar fixed at Rs 88 on Sunday. The exchange rate remained same on Monday, but rupee gained 4 paisa and closed at Rs 87.6 on Tuesday. The local currency shed 8 paisa on Wednesday, but rebounded on Thursday gaining 28 paisa to close at Rs 87.4. Rupee, however, dropped 11 paisa on Friday to close at Rs 87.51 paisa after Indian currency depreciated against dollar in India due to fear over drop in foreign fund flow.
Nepali rupee on the other hand lost 86 paisa against Euro and 67 paisa against British Pound. Euro was exchanged at Rs 114.44 on Friday, while British Pound was valued Rs 134.52.
Bullion
Gold became cheaper by Rs 600 per 10 grams over the week.
Bullion trading opened this week with gold priced at Rs 48,440 per 10 grams on Sunday. Though the price remained unchanged on Monday, the price went down by Rs 255 per 10 grams to close at Rs 48,185 on Tuesday. The yellow metal, however, became expensive by Rs 215 per 10 grams on Wednesday.
Traders attributed rise in gold price in the domestic market to price fluctuation in the international market and weakening of rupee vis-à-vis US dollar.
“The price, however, dropped in the domestic market on Thursday and Friday after price came down price in the international market,” Mani Ratna Shakya, president of Federation of Nepal Gold and Silver Dealers´ Association, told Republica.
Gold price came down by Rs 560 per 10 grams to Rs 47,840 on Thursday. The price remained unchanged on Friday -- the last trading day of the week.
Price of silver, however, remained constant at Rs 861.5 per 10 grams this week.
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