Rupee weakens, gold price down

KATHMANDU, March 7:

Nepali rupee weakened against US dollar this week as the Indian currency, with which the local currency is pegged, shed value against the greenback. Rupee lost 52 paisa against US dollar this week. Gold price, on the other hand, fell by Rs 100 per tola (11.664 grams) as the price of yellow metal went down in the international market.

CURRENCY

Nepali rupee lost 52 paisa to close at 99.76 against US dollar on Friday. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of US dollar fixed at Rs 99.24.

Though rupee’s value remained unchanged on Monday, it lost 5 paisa to settle at 99.29 against US dollar on Tuesday after the Indian currency weakened against the greenback. Rupee shed value on Wednesday as well, losing 7 paisa to settle at 99.36 against the dollar. Rupee lost another 55 paisa on Thursday to close the day’s trading at 99.91. It, however, gained 15 paisa on Friday to end the week at 99.76 against US dollar.

According to Press Trust of India (PTI), snapping its four-day falling streak, Indian rupee on Thursday recovered by 5 paisa to close at 62.20 against US dollar in early trade at the inter-bank foreign exchange market on back of selling of the American currency by exporters.

Source:Republica