Currency
Nepali currency strengthened by 94 paisa against the US dollar this week. One dollar was exchanged at Rs 76.98 on Friday.
Nepal Rastra Bank (NRB), the monetary authority, had fixed the exchange rate of the dollar at Rs 77.92 on Sunday. However, the rupee continued to gain against the greenback over the following days in tandem with the movement of the Indian rupee vis-à-vis the US currency. One dollar was exchanged at Rs 77.33 on Tuesday, at Rs 77.10 on Wednesday and Rs 77.05 Thursday.
Likewise, the Nepali rupee strengthened by 79 paisa against the euro and by Rs 1.44 against pound sterling. On Friday, one euro was exchanged at Rs 108.55, whereas one pound sterling was valued at Rs 126.46, according to NRB. Going by the open market exchange regime, the rates may vary at the commercial banks.
Bullion
Gold dipped by Rs 12.50 per gram over the week and traded at Rs 23,665 per 10 grams Friday in the domestic market. Dealers attributed the drop to a decline in the international price and also to the appreciation of the Nepali currency vis-à-vis the US dollar.
According to Nepal Gold and Silver Dealers´ Association, gold traded at Rs 23,790 per 10 grams on Sunday. However, as the international price dropped from US$ 939 per troy ounce of Sunday, domestic prices dipped to Rs 23,705 per 10 grams Monday and Rs 23,620 on Thursday. Compared to Thursday, gold gained Rs 45 per 10 grams overnight on Friday, when the international price settled at US$ 933 per troy ounce.
Likewise, silver fell by Rs 18.50 per 10 grams and closed at Rs 357 on Friday. As Nepal meets its domestic bullion requirements through imports, any fluctuation in international prices directly impacts domestic prices.
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