Currency
Nepali rupee gained 31 paisa against a US dollar over this week, rendering imports cheaper but dragging down exports earning and remittances. A USD was exchanged at Rs 74.15 on Friday. [break]
Nepal Rastra Bank, country´s monetary authority, had fixed the exchange rate of dollar at Rs 74.46 on Sunday, but the market went through a sharp upheaval as the greenback recorded a sharp dip and rebound amid fluctuating demand in the Indian market.
As a result, rupee gained 31 paisa on Monday, shed 20 paisa on Tuesday, regained 4 paisa on Wednesday and further gained 46 paisa on Thursday. However, it slid 30 paisa overnight against greenback on Friday, when the market closed in Nepal.
Likewise, Nepali currency also recorded an impressive gain of Rs 1.22 against a euro and Rs 2.41 against a pound sterling over this week. On Friday, a euro was exchanged at Rs 102.75 and a pound sterling was valued Rs 117.76.
Bullion
Price of gold jumped Rs 17 per gram in the domestic market even though gold lost its shine in the international market this week. Dealers, who traded gold at Rs 27,435 per 10 grams on Friday, attributed the rise to short supply of yellow metal.
As marriage season buoyed the demand, dealers had compelled the customers to pay some Rs 1,200 more for a gram of gold than the price in the global market.
Nepal Gold and Silver Dealers´ Association, which sets prices of gold in the domestic market, had opened the market at Rs 27,265 per 10 grams on Sunday. Amid soaring demand, gold prices jumped Rs 85 on Monday, further soared by Rs 350 on Tuesday and additional Rs 420 on Wednesday.
However, prices started to recede after international prices tumbled, forcing dealers to cut prices by Rs 45 per 10 grams on Thursday and further Rs 640 on Friday.
Likewise, the price of silver too dropped to Rs 450 per 10 grams in the domestic market.
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