KATHMANDU, May 3: Nepali rupee strengthened against US dollar this week as the Indian currency, with which it is pegged, gained value against the greenback. Gold became cheaper by Rs 430 per 10 grams following its freefall in the international market.[break]
Currency
Nepali rupee gained 56 paisa against US dollar over the week, making imports cheaper but lowering income of export and remittance receivers.
Nepal Rastra Bank (NRB), the central monetary authority, opened trading on Sunday with exchange rate of US dollar fixed at Rs 87.01. Though rupee shed 29 paisa to close the trading at Rs 87.30 on Monday, it gained 9 paisa on Tuesday to close at Rs 87.21. The local currency strengthened by a whopping 71 paisa on Wednesday after Indian currency gained. Indian currency reached two-week high against US dollar after the federal government slashed tax on foreign investments in local bonds, boosting expectations of more dollar inflows, according to the Wall Street Journal.
Though rupee´s value remained unchanged on Thursday, it gained another 5 paisa to close the week´s trading at Rs 86.45 on Friday.
Rupee shed 46 paisa against Euro and Rs 1.09 against British Pound this week. Euro was exchanged at Rs 113.83 on Friday, while British Pound was valued Rs 134.58.
Bullion
Gold price went down by Rs 430 per 10 this week. Bullion trading opened this week with gold price fixed at Rs 45,440 per 10 grams on Sunday. Though value of yellow metal remained unchanged on Monday, it went down by Rs 200 per 10 grams to close at Rs 45,270 per 10 grams on Tuesday. Gold remained constant on Wednesday but shed another Rs 690 per 10 grams to close at Rs 44,580 per 10 grams on Thursday. Gold, however, became dearer by Rs 430 per 10 grams to close the week´s trading at Rs 45,010 per 10 grams on Friday.
Price of silver remained unchanged at Rs 780 per 10 grams this week.
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