Rupee strengthens, gold glitters
KATHMANDU, March 8:
Nepali rupee gained Rs 1.03 against US dollar this week as the Indian currency, with which rupee is pegged, gained value against the greenback. Price of gold, on the other hand, increased by a nominal Rs 85 per 10 grams.
CURRENCY
Nepali rupee strengthened by Rs 1.03 against the greenback this week. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of US dollar set at Rs 99.11.
Though rupee´s value remained unchanged on Monday, it lost 46 paisa on Tuesday to settle at 99.57 after the Indian currency weakened against dollar. On Wednesday, the local currency rallied gaining 31 paisa to close at 99.26. Rupee gained another 14 paisa against US dollar on Thursday to settle at Rs 99.12. The local currency continued its gaining streak, as it appreciated by a whopping Rs 1.04 to end the week´s trading at Rs 98.08 on Friday.
According to Reuters, the Indian currency strengthened to its highest in nearly three months on Thursday afternoon, tracking gains in the domestic share market and after the country´s current account deficit narrowed in the December quarter.
Rupee also gained Rs 1.92 against Euro and Rs 1.51 against Pound Sterling over the week. A Euro was valued at Rs 134.80 on Friday, while the Pound Sterling was exchanged at Rs 164.01.
BULLION
Gold price increased by Rs 85 per 10 grams this week. Bullion trading opened on Sunday with gold priced at Rs 48,270 per 10 grams.
On Monday, price of gold increased by Rs 340 per 10 grams to Rs 48,610. Gold continued to shine on Tuesday as the yellow metal became dearer by Rs 430 per 10 grams to a four-month high of Rs 49,040. Gold price, however, came down by Rs 515 per 10 grams to Rs 48,525 on Wednesday.
The yellow metal became cheaper by another Rs 255 per 10 grams to settle at Rs 48,270 on Thursday. On Friday, however, gold price went up by Rs 85 per 10 grams to close the week´s trading at Rs 48,355.
Meanwhile, price of silver fell by Rs 4.5 per 10 grams this week. On Friday, silver was traded at Rs 750 per 10 grams.
Source: Republica
