Rupee strengthens, gold loses luster

KATHMANDU, Nov 15:

Nepali rupee gained 10 paisa against US dollar this week as the Indian currency, with which rupee is pegged, gained value against the greenback. On the other hand, gold lost its shine by Rs 600 per 10 grams as the price of yellow metal continued to dwindle in the international market.

CURRENCY

Rupee lost 10 paisa to close at 98.79 against US dollar on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with the value of dollar fixed at Rs 98.89.

Though rupee´s value remained unchanged n Monday, it gained 17 paisa against US dollar on Tuesday to settle at 98.72. Rupee lost 7 paisa against US dollar when the market opened on Wednesday to languish at 98.79. The local currency, however, rallied on Thursday, gaining 7 paisa against US dollar to close at 98.72. Rupee lost 7 paisa on Friday to close the week´s trading at 98.79.

According to Reuters, the Indian rupee continued its see-sawing trend and weakened marginally on Thursday as losses in domestic shares weighed despite the sharply lower-than-expected retail inflation print for October.

Meanwhile, rupee lost 55 paisa against euro and 69 paisa against Pound Sterling over the week. A euro was exchanged at Rs 123.15 on Friday, while the British Pound was valued Rs 155.75.

BULLION

Gold price continued its freefall this week as its price went down by Rs 600 per 10 grams over the week.

The market opened on Sunday with gold price fixed at Rs 43,295 per 10 grams. On Monday, price of gold fell by Rs 170 per 10 grams to Rs 43,295. Gold continued its losing run on Tuesday as well, as its price fell by Rs 685 per 10 grams to Rs 42,440. The yellow metal rallied on Wednesday, as its price increased by Rs 430 per 10 grams to Rs 42,870.

Though the price remained unchanged on Thursday, it came down by Rs 175 per 10 grams on Friday to close the week´s trading at Rs 42,695.

Similarly, price of silver came down by Rs 8.5 per 10 grams this week. On Friday, silver was traded at Rs 579 per 10 grams.

SOurce: Republica