Short supply of gold, meanwhile, caused the prices of gold to soar sharply in the market over this period. [break]
Currency
Nepali rupee gained 70 paisa against a dollar this week, as demand for the greenback slid in India with whose currency Nepali rupee is pegged. On Friday, a dollar was exchanged at Rs 73.60.
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of a dollar at Rs 74.30 when the market opened on Monday. Nepali rupee continued to strengthen over the following days, gaining 26 paisa on Tuesday and further 34 paisa by Thursday. Rupee gained further 10 paisa against greenback on Friday, when the market closed this week.
Likewise, rupee strengthened against euro and pound sterling as well by 38 paisa and 2.65 paisa respectively this week. A euro was exchanged at Rs 100.39 on Friday and a pound sterling was valued Rs 110.64 on the day.
Bullion
Gold became expensive by a whopping Rs 1,245 per ten grams this week, as the central bank´s restriction to banks to issue telegraphic transfer and draft for gold import spurred shortage of precious metal in the domestic market. On Friday, gold was traded at Rs 28,035 per 10 grams.
Nepal Gold and Silver Dealers Association, which sets the price of gold in the domestic market, had fixed the price of yellow metal Rs 27,390 per 10 grams on Monday.
However, prices started its rally as soon as the central bank intervened into the market on Tuesday. On the day, the association had started trading at Rs 27,265, but as soon as the central bank issued new circular, it instantly jacked up the price to Rs 27,520 per 10 grams in the afternoon. On Wednesday, gold was traded at Rs 27,950. Amid shortage, gold price crossed over Rs 28,000 on Friday.
Likewise, the price of silver too went up to Rs 427 from Rs 418 per 10 grams over the week.
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Gold price soars to new record high this week
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