Rupee weakens, gold loses luster

KATHMANDU, March 22:

Nepali rupee devalued by 24 paisa against US dollar this week as the Indian currency, with which rupee is pegged, shed value against the greenback. Price of the gold, however, came down by Rs 1,460 per 10 grams over the week.

CURRENCY

Nepali rupee lost 24 paisa to close the week´s trading at 98.45 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 98.21.

Though the value of rupee remained unchanged on Monday, Tuesday and Wednesday, it gained 38 paisa on Thursday to settle at 97.83 against dollar. The local currency, however, lost 62 paisa on Friday to close week´s trading at 98.45.

According to Reuters, rupee is still at 61.15/16 on Friday against previous close of 61.34/35. The fall in stocks and the euro giving up gains has led to the rupee´s fall, the news agency said.

The local currency strengthened by 87 paisa against euro and 57 paisa against British Pound this week. A Euro was valued Rs 135.55 on Friday, while the Pound Sterling was exchanged at Rs 162.50.

BULLION

Gold price went down by Rs 1,460 per 10 grams this week. Trading opened on Sunday with price fixed at Rs 49,300 per 10 grams. Though the price remained unchanged on Monday, it went down by Rs 690 per 10 grams to Rs 48,610 on Tuesday. The yellow metal lost its shine on Wednesday, losing Rs 85 per 10 grams to close at Rs 48,525. Gold price went down by Rs 515 per 10 grams to Rs 48,010 on Thursday. On Friday, gold price decreased by another Rs 170 per 10 grams to close at Rs 47,840.

Meanwhile, price of silver decreased by Rs 30 per 10 grams this week. Silver was traded at Rs 720 per 10 grams on Friday

Source: Republica