Nepali currency gained against US dollar over this week as greenback lost its value against Indian currency with which Nepali rupee is pegged. Despite drop in value of dollar, gold became expensive in the local market as its international prices jumped during the week. Currency
Nepali rupee gained 91 paisa against a US dollar over this week and was valued at Rs 76.49 per dollar on Friday.
Nepal Rastra Bank (NRB), the monetary authority of the country, had fixed exchange rate of Nepali currency at Rs 77.40 a dollar on Sunday. While US dollar slipped against the Indian currency with which rupee is pegged, rupee consistently gained against dollar touching Rs 77 per dollar on Monday, Rs 76.67 on Tuesday and Rs 76.49 on Wednesday.
However, rupee devalued against euro and pound sterling during the week. Rupee weakened by 99 paisa against euro during the period and was valued at Rs 110.28 per euro on Friday. Likewise, it depreciated against pound sterling by 1.96 paisa and stood at Rs 129.99 per pound sterling on Friday. Going by the open market exchange regime, the rate may vary with the commercial banks.
Bullion
The price of gold went up by Rs 13 per gram this week, as rise in international prices of the yellow metal pushed its retail rates up in the domestic market despite appreciation of rupee vis-à-vis dollar. Gold was traded at Rs 24,135 per 10 gram on Friday.
According to Nepal Gold and Silver Dealers´ Association (NGSDA), Gold was traded at Rs 24,005 per 10 grams on Sunday. As international price dropped, it became as cheap as Rs 23,835 per 10 grams on Tuesday. However, the gold rallied overnight to Rs 24,135 on Wednesday and maintained the rate throughout the remaining trading days of the week.
The price of silver also soared to Rs 373 per 10 grams on Friday from Rs 364.50 on Sunday. As Nepal fulfills domestic bullion requirements through imports, any fluctuation in international prices directly impacts the domestic prices.
Source: Republica
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