Rupee weakens, gold glitters
KATHMANDU, March 15:
Nepali rupee depreciated against US dollar this week as the Indian currency, with which rupee is pegged, shed value against the greenback. Nepali rupee shed 14 paisa against dollar this week. Price of gold, on the other hand, increased by a whopping Rs 1,115 per 10 grams over the week.
CURRENCY
Nepali rupee lost 14 paisa to close thee week´s trading at 98.18 on Friday. Nepal Rastra Bank (NRB), the central monetary authority, opened currency trading on Sunday with exchange rate of US dollar fixed at Rs 98.04.
Though the value of rupee remained unchanged on Monday, it gained 37 paisa to close the trading at 97.67 on Tuesday as the Indian currency strengthened against the dollar. Rupee, however, lost 14 paisa on Wednesday to close at 97.81. The rupee shed another 44 paisa on Thursday, but gained 7 paisa on Friday to settle at 98.18.
According to Reuters, the Indian currency hit a week low of 61.50 on Friday in opening trade on risk aversion as tensions in Ukraine flared up and weak China data renewed concerns about global growth.
The local currency lost 70 paisa against euro but gained 52 paisa against British Pound this week. A euro was valued at Rs 136.99 on Friday, while the Pound Sterling was exchanged at Rs 163.81.
BULLION
Price of gold went up by whopping Rs 1,115 per 10 grams this week. Trading opened on Sunday with gold price fixed at Rs 48,185 per 10 grams. The price went down by Rs 175 per 10 grams to Rs 48,010 on Monday. The yellow metal lost its shine on Tuesday as well, losing 85 per 10 grams to close the trading at Rs 47,925.
Gold price, however, increased over the next three trading days. On Wednesday, the price increased by Rs 645 per 10 grams to settle at Rs 48,570. Gold became dearer by another Rs 385 per 10 grams on Thursday to close at Rs 48,955. On Friday - the last trading day of the week - gold price went up by Rs 345 per 10 grams to close the week´s trading at Rs 49,300.
Meanwhile, price of silver increased by Rs 17 per 10 grams over the week. On Friday, silver was traded at Rs 750 per 10 grams.
Source: Republica
