Rupee weakens, gold glitters

KATHMANDU, Nov 22:

Nepali rupee lost 35 paisa against US dollar this week as the Indian currency, with which the local currency is pegged, lost its value against the greenback. Gold price, on the other hand, went up by Rs 85 per 10 grams this week.

CURRENCY

Rupee lost 35 paisa against US dollar to close at 99.41 on Friday. Nepal Rastra Bank (NRB), the central regulatory bank, had opened currency trading on Sunday with the value of dollar fixed at Rs 99.06.

Though rupee´s value remained unchanged on Monday, it lost 2 paisa on Tuesday to settle at 99.08 against the dollar. On Wednesday, rupee lost a nominal 1 paisa against the greenback to settle at 99.09. The local currency lost another 35 paisa against US dollar on Thursday to close at 99.44. Rupee, however, rallied on Friday, gaining 3 paisa to close the week at 99.41.

According to Reuters, the Indian currency weakened to its lowest level in a little over a month on Tuesday morning as private oil firms bought dollars while a broadly stronger dollar also hurt sentiment for the local unit.

Meanwhile, rupee lost a whopping Rs 1.20 against euro and 61 paisa against Pound Sterling this week. A euro was exchanged at Rs 124.57 on Friday, while the British Pound was valued Rs 155.82.

BULLION

Gold price went up by Rs 85 per 10 grams this week.

The market opened on Sunday with gold price fixed at Rs 43,725 per 10 grams. On Monday, gold price came down by Rs 85 per 10 grams to Rs 43,640. Gold continued to lose its value on Tuesday as well, as its price came down by Rs 85 per 10 grams to Rs 43,555. The price, however, went up by Rs 85 per 10 grams to settle at 43,640 on Wednesday.

Though price of the yellow metal remained unchanged on Thursday, it increased by Rs 170 per 10 grams on Friday to close the week´s trading at Rs 43,810.

Meanwhile price of silver remained unchanged over the week. On Friday, silver was traded at Rs 600 per 10 grams.

SOurce: Republica