Rupee strengthens, gold price down

KATHMANDU, Sept 5:

Nepali rupee gained 22 paisa against US dollar this week as the Indian currency, with which rupee is pegged, strengthened against the greenback. Gold price, on the other hand, came down by Rs 860 per 10 grams over the week.

CURRENCY

Rupee gained 22 paisa to close at 96.88 against US dollar on Friday. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of US dollar fixed at Rs 97.10.

Though the exchange rate remained unchanged on Monday, rupee lost 5 paisa on Tuesday to settle at 97.15 against US dollar. The local currency continued to lose its value on Wednesday as well, shedding 25 paisa against the greenback to close at 97.40. On Thursday, rupee gained 32 paisa to settle at 97.08 against US dollar. The local currency gained another 20 paisa against US dollar to close the week´s trading at 96.88 on Friday.

According to Reuters, the Indian currency weakened for a fourth consecutive session on Tuesday, dropping the most in three weeks, tracking weaker Asian currencies amid caution ahead of key events including a European Central Bank meeting and US monthly jobs data.

Meanwhile, rupee gained 84 paisa against euro and Rs 1.74 against Pound Sterling over the week. A euro was exchanged at Rs 127.18 on Friday, while the British Pound was valued Rs 159.33.

BULLION

Gold price came down by Rs 860 per 10 grams over the week.

Trading opened on Sunday price of gold fixed at Rs 45,955 per 10 grams. On Monday, gold price fell by Rs 85 per 10 grams to Rs 45,870. Price of the yellow metal came down by another Rs 90 per 10 grams to Rs 45,780 on Tuesday. Gold continued its losing run on Wednesday as well, as its price dropped by Rs 510 per 10 grams to settle at Rs 45,270.

 Gold price, however, increased by Rs 85 per 10 grams on Thursday to settle at Rs 45,355. On Friday, however, the price again went down by Rs 260 per 10 grams to close the week´s trading at Rs 45,095.

Similarly, price of silver also went down by Rs 8.5 per 10 grams over this week. On Friday, silver was traded at Rs 677.5 per 10 grams.

Source: Republica