Nepali currency gained about a quarter of rupee against the US dollar as slipping demand for greenback caused its devaluation against the Indian currency, with which Nepali rupee is pegged. Despite the currency appreciation, gold price soared in the domestic market because of the rise in the price of the yellow metal in the international market.Currency
Nepali currency appreciated by 21 paisa against a US dollar, rendering imports cheaper but slashing income earnings of exporters and remittance receivers over this week. A dollar was exchanged at Rs 77.19 on Friday.
Nepal Rastra Bank had fixed the exchange rate of a dollar at Rs 77.40 on Sunday. As demand for dollar went down in India, rupee gained 10 paisa on Monday and further appreciated by 14 paisa on Wednesday. Exchange rate of a dollar went up by five paisa on Thursday, but again slipped by 2 paisa to close at Rs 77.19 on Friday.
Rupee weakened against euro by 22 paisa, but gained 9 paisa against a pound sterling during the period. On Friday, a euro was exchanged at Rs 113.96, while pound sterling was valued at Rs 126.44.
Bullion
Gold price went up by Rs 16.50 per 10 grams in the domestic market over this week. Nepal Gold and Silver Dealers´ Association that tagged the gold price at Rs 25,465 per 10 grams on Friday cited rise in the price in the international market for the rise in the local market.
According to the association, domestic bullion market opened on Sunday with gold price at Rs 25,300 per 10 grams. Amid currency gain, its price dropped by Rs 90 on Monday.
But as the international prices rallied, gold price caught upward trend, making it dearer (Rs 25,375 per 10 grams) on Tuesday and Wednesday (Rs 25,465). Despite the association´s claim of prices remaining unchanged on Friday, a public holiday, dealers informed Republica that they were selling yellow metal on Friday at a cheaper price by Rs 300 than the Thursday´s price.
The price of silver, however, dropped this week and closed at Rs 433 per 10 grams on Friday.
Source:Republica
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