Rupee strengthens, gold price up

KATHMANDU, April 12:

Nepali rupee gained a nominal 2 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, increased by Rs 340 per 10 grams.

CURRENCY

The local currency strengthened by 2 paisa this week to close at 96.44 against the dollar on Friday - the last trading day of the week.

Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with US dollar valued Rs 96.44. Though the value of rupee remained unchanged on Monday, it lost 4 paisa on Tuesday to settle at 96.48. On Wednesday, rupee´s value remained unchanged. On Thursday, however, rupee weakened by 5 paisa to settle at 96.53. The local currency, however, gained 11 paisa against UD dollar to close the week´s trading at 96.42 on Friday.

According to Reuters, Indian rupee ended little changed on Thursday as caution prevailed ahead of a slew of economic data, while dollar demand by state-run banks, which traders attributed to defence and oil-related payments, weighed on sentiment.

Meanwhile, rupee lost a whooping Rs 1.51 against euro and Rs 1.85 against Pound Sterling this week. A euro was valued at Rs 133.72 on Friday, while Pound Sterling was exchanged at Rs 161.77.

BULLION

Gold price increased by Rs 340 per 10 gram this week to Rs 46,725 on Friday.
Trading opened on Sunday with gold price fixed at Rs 46,385 per 10 grams. The price came down by Rs 175 per 10 grams to Rs 46,210 on Monday. Though the price of yellow metal remained unchanged on Tuesday, it increased by Rs 175 per 10 grams to Rs 46,385 on Wednesday. Gold price went up by Rs 170 per 10 grams on Thursday as well to Rs 46,555. On Friday, the price increased by Rs 170 per 10 grams to close the week at Rs 46,725.
Price of silver, however, remained unchanged this week. Silver was traded at Rs 703 per 10 grams on Friday.

Source: Republica