Rupee weakens, gold price down

KATHMANDU, Aug 28:

Nepali rupee weakened by 17 paisa against US dollar this week as the Indian currency, with which rupee is pegged, lost value against the greenback. Despite weak rupee, gold price fell by Rs 860 per 10 grams this week.

CURRENCY

Rupee shed 17 paisa against to close at 105.77 against US dollar on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of dollar fixed at Rs 105.60.

The local currency weakened by 3 paisa against US dollar on Monday to settle at 105.63. On Tuesday, rupee lost Rs 1.35 against the greenback to close at 106.98. Though the local currency gained 94 paisa to 106.04 against US dollar, it lost 13 paisa on Thursday to settle at 106.17. The local currency gained 40 paisa on Friday to close the week's trading at 105.77 against dollar.

Meanwhile, rupee lost 59 paisa against euro but gained Rs 1.89 against Pound Sterling over the week. A euro was exchanged at Rs 119.38 on Friday, while Pound Sterling was valued Rs 163.69.

BULLION

Gold price fell by Rs 860 per 10 grams this week. Trading opened on Sunday with price of gold fixed at Rs 44,240 per 10 grams.

On Monday, price of gold went up by Rs 255 per 10 grams to Rs 44,495. However, the price fell by Rs 85 per 10 grams on Tuesday to Rs 44,410. Price of the yellow metal fell further by Rs 685 per 10 grams to close at Rs 43,725 on Wednesday. Though gold price dropped by Rs 430 per 10 grams to Rs 43,295 on Thursday, it went up by Rs 85 per 10 grams to close at Rs 43,380 on Friday.

Similarly, price of silver went down by Rs 34 per 10 grams this week. On Friday, silver was traded at Rs 579 per 10 grams.

Source: Republica