Rupee weakens, gold glitters

WEEKLY MARKET COMMENTARY (Sept 20-25)
KATHMANDU, Sept 25: Nepali rupee weakened by 45 paisa this week as the Indian currency, with which rupee is pegged, shed value against the greenback. Price of gold, on the other hand, increased by Rs 730 per 10 grams over the week.CURRENCY

Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 105.60.

Rupee gained 22 paisa on Monday to settle at 105.38 against US dollar. Though the value of rupee remained unchanged on Tuesday, it weakened by 29 paisa on Wednesday to close at 105.67 against the greenback. On Thursday, rupee shed another 16 paisa to settle at 105.87 against the dollar. The local currency continued its losing run on Friday as well, shedding 22 to close the week's trading at 106.05.

Meanwhile, rupee strengthened by Rs 2.07 against euro and Rs 3.32 against Pound Sterling this week. A euro was exchanged at Rs 118.86 on Friday, while the Pound Sterling was valued Rs 161.88.

BULLION

Gold price increased by Rs 730 per 10 grams this week. Trading opened on Sunday with price of gold fixed at Rs 42,995 per 10 grams.

On Monday, price of gold increased by Rs 130 per 10 grams to Rs 43,125. The price, however, came down by Rs 85 per 10 grams on Tuesday to settle at Rs 43,040. Though gold price remained unchanged on Wednesday, it increased by Rs 340 per 10 grams on Thursday to Rs 43,380. Gold price increased by another Rs 345 per 10 grams on Friday to close the week's trading at Rs 43,725.

Similarly, price of silver went up by Rs 4 per 10 grams this week. On Friday, silver was traded at Rs 600 per 10 grams.

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