Rupee gains, gold price falls
Weekly market commentary (April 5-10)
KATHMANDU, April 11:
The Nepali rupee gained 41 paisa against the US dollar this week as the Indian currency, with which the Nepali rupee is pegged with, gained in value against the greenback. Gold prices, on the other hand, came down by Rs 85 per 10 grams this week.
CURRENCY
The rupee gained 41 paisa against the US dollar to close at Rs 99.11 on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, opened currency trading on Sunday, valuing 1 US dollar at Rs 100.30.
Though the rupee’s value remained constant on Monday, it gained 50 paisa to close at Rs 99.80 against the dollar on Tuesday. The rupee, however, fell on Wednesday by 11 paisa to settle at Rs 99.91 against the greenback. The local currency gained 2 paisa on Thursday to close at Rs 99.89 to a dollar. According to the Press Trust of India, the Indian rupee strengthened by nine paisa to close at Rs 62.15 (Indian) against the US dollar in early trading on Thursday at the Interbank Foreign Exchange after ratings agency Moody’s upgraded India’s outlook from stable to positive. The Nepali rupee however remained unchanged on Friday to close the week’s trading at Rs 99.89.
Meanwhile, the rupee gained Rs 1.58 against the Euro and 47 paisa against Pound Sterling over the week. A euro was exchanged at Rs 107.57 on Friday, while the British Pound was valued Rs 148.22.
BULLION
The price of gold came down by Rs 85 per 10 grams this week.
Trading opened on Sunday with gold fixed at Rs 44,240 per 10 grams. Gold prices went up by Rs 430 per 10 grams to Rs 44,670 on Monday. It remained unchanged on Tuesday but lost its luster on Wednesday falling Rs 85 per 10 grams to close at Rs 44,580. Gold prices continued to go down on Thursday as well -- by another Rs 425 per 10 grams to Rs 44,155. It remained unchanged on Friday to close at Rs 44,155 per 10 grams.
Meanwhile, the price of silver came down by Rs 13 per 10 grams this week. Silver was traded at Rs 600 per 10 grams on Friday.
Source: Republica
