The Nepali currency appreciated against the US dollar this week, as India, with whose currency the Nepali rupee is pegged, recorded a surge in foreign investment inflow, reducing the demand of the greenback there. Sharp rise in the international price of gold, however, nullified the impact of the rupee´s gain and gold prices remained unchanged in the domestic market.Currency
The Nepali rupee gained 50 paisa against a US dollar over this week. A dollar was exchanged at Rs 77.95 on Friday.
Nepal Rastra Bank had fixed the exchange rate of a dollar at Rs 78.45 on Sunday. As gold gained marginally against Indian currency, rupee shed 5 paisa on Monday and Tuesday. But it caught the appreciation trend gaining 50 paisa on Wednesday and additional 5 paisa by Friday.
Rupee, however, weakened against euro and pound sterling by Rs 1.49 and 83 paisa, respectively. A euro was exchanged at Rs 113.58 on Friday, while pound sterling was valued Rs 129.03.
Bullion
Despite witnessing sharp changes in intra-week trading prices, gold price remained unchanged over the week. Gold price was closed at Rs 25,335 per 10 grams on Friday.
Gold dealers had opened the market at Rs 25,335 per 10 grams on Sunday. As the international prices recorded sharp ups and downs, gold price dropped by Rs 45 per 10 grams on Monday, but soon rallied to Rs 25,380 per 10 grams on Wednesday. It again fell to Rs 25,140 on Thursday, but gained Rs 195 on Friday.
Source:Republica
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