Rupee strengthens, gold loses shine

KATHMANDU, Aug 15:

Nepali rupee gained 61 paisa against US dollar over this week as the Indian currency, with which the local currency is pegged, strengthened against the greenback. Gold price, on the other hand, came down by Rs 345 per 10 grams over the week.

CURRENCY

Rupee gained 61 paisa against US dollar to close at 97.52 on Friday. Nepal Rastra Bank (NRB), the central monetary authority, had opened currency trading on Sunday with exchange rate of US dollar fixed at 98.13.

Though rupee’s exchange rate remained unchanged on Monday, it lost 5 paisa on Tuesday to settle at 98.18 against US dollar. On Wednesday, rupee gained 14 paisa to settle at 98.04 against dollar. However, the local currency shed 21 paisa against the dollar to close at 98.25 on Thursday. Rupee rallied on Friday, gaining 73 paisa against the greenback to close the week’s trading at 97.52.

According to Reuters, the Indian currency rallied on Monday to close above 60 per dollar after its best daily gain since the national election in mid-May as anticipation of continued stimulus from central banks globally lifted emerging market assets. “Recent geopolitical concerns due to the turmoil in Iraq and Ukraine also eased, while sentiment also benefited from Brent crude falling to 13-month lows,” Reuters said.

Meanwhile, rupee gained 93 paisa against Euro and a whooping Rs 2.29 against Pound Sterling over the week. A euro was exchanged at Rs 130.44 on Friday, while the British Pound was valued Rs 162.66.

BULLION

Gold lost its shine by Rs 345 per 10 grams over the week. The market opened on Sunday with gold price fixed at Rs 47,155 per 10 grams. Though the price remained unchanged on Monday, it lost Rs 345 per 10 grams to settle at Rs 46,810 on Tuesday.

On Wednesday, the yellow metal became dearer by Rs 215 per 10 grams to Rs 47,025. Though gold price remained unchanged on Thursday, it lost Rs 215 per 10 grams a day later to close the week’s trading at Rs 46,810 on Friday.

Similarly, price of silver came down by Rs 8.5 per 10 grams this week. On Friday, silver was traded at Rs 694.5 per 10 grams.

    
   

Source: Republica