Rupee weakens, gold price down

KATHMANDU, April 19:

Nepali rupee weakened against US dollar this week as the Indian currency, with which rupee is pegged, shed values against the greenback. Nepali rupee weakened by 18 paisa over the week.

Gold price decreased by Rs 340 per 10 grams this week due to drop in the price of yellow metal in international market.

CURRENCY

Nepali rupee lost 18 paisa to close the week´s trading at 96.77 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 96.59.

Though rupee´s value remained unchanged on Monday and Tuesday, it lost 9 paisa to settle at Rs 96.68 against US dollar on Wednesday after the Indian currency weakened against the dollar. Rupee continued losing streak on Thursday as well, as its value fell by 22 paisa to settle at 96.90. The local currency, however, gained 13 paisa to close the week´s trading at 96.77 against dollar on Friday.

According to Reuters, Indian rupee recovered in late trade on Thursday, boosted by gains in the domestic share market while, some dealers also cited dollar selling by large state-run banks which could be on behalf of the central bank. The currency, however, dropped on the week, posting its third straight weekly fall, as investors pared positions amid the ongoing national elections.

The local currency also shed 10 paisa against euro and Rs 1.15 against Pound Sterling this week. A euro was valued at Rs 134.12 on Friday, while Pound Sterling was exchanged at Rs 162.72.

BULLION

Gold price went down by Rs 340 per 10 grams this week. Bullion trading opened on Sunday with price of gold fixed at Rs 46,725 per 10 grams. The price remained unchanged on Monday due to public holiday. But on Tuesday, the price went up by Rs 85 per 10 grams to settle at Rs 46,810. Gold lost its luster on Wednesday, as its price went down by Rs 515 per 10 grams to settle at Rs 46,295. Gold price, however, increased by Rs 90 per 10 grams to settle at Rs 46,385 on Thursday. Gold price remained unchanged on Friday - the last trading day of the week.

Price of silver went down by Rs 13 per 10 grams this week. On Friday, silver was traded at Rs 690 per 10 grams.

Source: Republica