Rupee weakens, gold prices down

KATHMANDU, Sept 4: 

The Nepali rupee lost 5 paisa against the US dollar over this week as the Indian currency -- with which the Nepali rupee is pegged, lost value against the greenback.

Meanwhile, gold prices went down by Rs 260 per 10 grams over the week.

CURRENCY

At the close of the week, the rupee was up 5 paisa against the US dollar to close at 106.21.

Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with value of the US dollar fixed at Rs 106.16.

The rupee gained 3 paisa against the dollar on Monday to settle at Rs 106.13.

However, the rupee lost 41 paisa against the greenback on Tuesday to close at Rs 106.54. On Wednesday, the local currency gained 6 paisa against the US dollar to settle at Rs 106.48.

The rupee gained another 22 paisa against the US dollar on Thursday to close at Rs 106.26. On Friday, rupee further gained 5 paisa against the US dollar to close the week's trading at Rs 106.21.

Meanwhile, the rupee gained 38 paisa against the euro and Rs 1.24 against the British pound over the week. A euro was exchanged at Rs 119.33 on Friday, while the British pound was valued Rs 162.25.

BULLION

Gold prices came down by Rs 260 per 10 grams over the week in the local market.

The Federation of Nepal Gold and Silver Dealers' Association had opened bullion trading on Sunday with the price of gold fixed at Rs 43,470 per 10 grams.

On Monday, the price of gold increased by Rs 125 per 10 grams to Rs 43,595. The price of the yellow metal increased further by Rs 175 per 10 grams on Tuesday to close at 43,770. Gold prices came down by Rs 215 per 10 grams on Wednesday to settle at Rs 43,555. Prices further fell by Rs 215 per 10 grams on Thursday to Rs 43,340 and then by another Rs 130 per 10 grams on Friday to close the week's trading at Rs 43,210.

Meanwhile, the price of silver went up by Rs 8.5 per 10 grams over the week. On Friday, silver was traded at Rs 587.5 per 10 grams.

Source: Republica