Rupee slumps to 96.94 against USD

KATHMANDU, July 6:

Nepali rupee slumped to Rs 96.94 this week as the Indian currency, with which rupee is pegged, shed its value. Gold became dearer by Rs 730 per 10 grams over the week.

Currency

Rupee lost 70 paisa against US dollar over the week to close at Rs 96.54 on Friday. The weakening of rupee increased import costs, but raised receipt of exporters as well as remittance receivers.

Currency trading opened this week with exchange rate of rupee against US dollar fixed at Rs 95.84 on Sunday. The local currency gained 54 paisa on Monday and another 10 paisa on Tuesday to close at Rs 95.20 after Indian currency gained against the greenback.
On Wednesday, however, rupee dropped 49 paisa to close at Rs 9569. The local currency shed another 92 paisa on Thursday to settle at Rs 96.61 after the Indian currency weakened against US dollar.

According to Reuters, Indian rupee weakened against the greenback due to increase in demand for dollars by oil importers and for defense requirements.
Despite shedding values on Wednesday and Thursday, rupee gained 7 paisa on Friday -- the final trading day of the week -- to close at Rs 96.54.
Nepali rupee also lost 46 paisa against Euro and Rs 1.17 against British Pound this week. On Friday, Euro was exchanged at Rs 125.46, while British Pound was valued Rs 147.17.

Bullion

Gold price went up by Rs 730 per 10 grams this week. Bullion trading opened this week with gold priced at Rs 41,580 per 10 grams on Sunday. Though gold price remained unchanged on Monday, it became dearer by Rs 560 per 10 grams to Rs 42,140 per 10 grams on Tuesday. There was no change in the price of yellow metal on Wednesday. On Thursday, however, gold became dearer by Rs 300 per 10 grams to Rs 42,440 per 10 grams. Gold price dropped by Rs 130 per 10 grams to Rs 42,310 per 10 grams on Friday.

Price of silver remained unchanged at Rs 699 per 10 grams this week.

Source: THT