Rupee strengthens, gold glitters

KATHMANDU, Dec 6:

Nepali rupee gained 16 paisa against US dollar this week as the Indian currency, with which rupee is pegged, gained value against the greenback. Gold price also increased by Rs 1,050 per tola (11.664) grams this week, as the price of the yellow metal increased in the international market.

CURRENCY

Nepali rupee gained a nominal 16 paisa against US dollar this week to close at 99.39 on Friday.

Nepal Rastra Bank (NRB), the central regulatory bank, opened currency trading on Sunday with the value of dollar fixed at Rs 99.55. Though rupee´s value remained unchanged on Monday, it gained a paisa against US dollar on Tuesday to settle at 99.54. Rupee continued to post gain on Wednesday as its value increased by 22 paisa to close at 99.32 against the greenback.

According to Reuters, the Indian rupee rose on Tuesday after the Reserve Bank of India kept interest rates unchanged but signaled it could ease monetary policy by early next year, raising optimism about accelerating economic growth“ "The rupee also benefited from stronger emerging Asian currencies on the back of dollar volatility and a rebound in crude oil prices from five-year low”," Reuters states.

The local currency, however, weakened on Thursday, losing 4 paisa against US dollar to close at 99.36. Rupee lost another 3 paisa on Friday to close the week´s trading at 99.39.
Rupee gained Rs 1.54 against euro and 30 paisa against Pound Sterling this week. A euro was exchanged at Rs 122.42 on Friday, while the Pound Sterling was valued Rs 155.82.

BULLION

Gold price went up by Rs 1,050 per tola (11.664 grams) this week.

Bullion trading opened on Sunday with price of gold fixed at Rs 50,300 per tola. On Monday, gold price came down by Rs 500 per tola to Rs 49,800. The yellow metal, however, glittered by Rs 1,700 per tola on the third day of the week to close at Rs 51,500 per tola on Tuesday. Gold price, however, went down by Rs 85 per tola to Rs 51,300 per tola on Wednesday. On Thursday, it again gained Rs 200 per tola to close at Rs 51,500. The price, however, went down by Rs 150 per tola on Friday to close the week´s trading at Rs 51,350.

Price of silver, also, increased by Rs 25 per tola this week. On Friday, silver was traded at Rs 710 per tola.

Source: Republica