WEEKLY MARKET COMMENTARY (Jan 31-Feb 5)
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Rupee strengthens, gold glitters
KATHMANDU, Feb 5: Nepali rupee gained 31 paisa against US dollar this week as the Indian currency, with which rupee is pegged, gained value against the greenback. Gold price, on the other hand, increased by Rs 1,115 per 10 grams over the week.
CURRENCYNepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 108.99. Rupee gained 23 paisa against US dollar on Monday to settle at 108.76. Though the value of rupee remained unchanged on Tuesday, it lost 25 paisa on Wednesday to settle at 109.01 against the dollar. Rupee lost another 23 paisa on Thursday to close at 109.24 against the greenback. The local unit gained 56 paisa against the greenback to close the week's trading at 108.68 on Friday.
Meanwhile, rupee lost a mammoth Rs 2.45 against euro and Rs 2.85 against Pound Sterling over the week. On Friday, a euro exchanged at Rs 121.21, while Pound Sterling was valued at Rs 159.2.
BULLION
Trading opened on Sunday with price of gold fixed at Rs 43,895 per 10 grams. Though the price remained unchanged on Monday, it went up by Rs 260 per 10 grams on Tuesday to close at Rs 44,155. Gold price increased further by Rs 170 per 10 grams on Wednesday to settle at Rs 44,325. On Thursday also, gold price surged by Rs 255 per 10 grams to close the day's trading at 44,580. Gold continued to shine on Friday as well, as its price went up by Rs 430 per 10 grams to close the week's trading at Rs 45,010.
Meanwhile, price of silver increased by Rs 13 per 10 grams this week. On Friday, silver was traded at Rs 604.5 per 10 grams.
