Currency
Nepali currency gained 42 paisa against a US dollar over this week, rendering imports cheaper, but slashing exports income and remittance. A dollar was exchanged at Rs 77.78 on Friday.
Nepal Rastra Bank had fixed the exchange rate of a dollar at Rs 75.20 on Sunday. With dollar weakening against Indian currency, with which Nepali rupee is pegged, Nepali rupee gained 45 paisa over the next three days. On Wednesday, a dollar was exchanged at Rs 74.75. It further gained 21 paisa on Thursday, but shed 24 paisa on Friday, settling at Rs 74.78 when the market on Friday.
Rupee also gained Rs 1.32 against a pound sterling, but weakened against a euro by 2 paisa this week. On Friday, a pound sterling was exchanged at Rs 123.64, while a euro was exchanged at Rs 111.90.
Bullion
Gold price continued its upward movement and touched a new high in the domestic market this week. The yellow metal became expensive by Rs 21.5 per gram over the last seven days and was traded at Rs 26,920 per 10 grams on Friday. Gold dealers attributed the rise in price to sharp rise in international price, which crossed US$1,100 per troy ounce.
Nepal Gold and Silver Dealers´ Association, which sets domestic price of gold based on the price movement at New York COMEX House, had opened the market at Rs 26,705 per 10 grams on Sunday. As the international price escalated, gold became dearer, breaking all past records over the next six days.
On Tuesday, gold became expensive by Rs 65 per 10 grams, and the price further jumped by Rs 250 per 10 grams on Wednesday and additional Rs 215 on Thursday. On Friday, however, price receded by Rs 215 per 10 grams.
The price of silver, on the other hand, dropped to Rs 437 per 10 grams on Friday.
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