Despite initial dip, gold regained its luster as sudden rise in global demand jacked up its prices in the domestic market we well. [break]
Currency
Nepali currency gained 49 paisa against a US dollar this week. This rendered imports cheaper, but lowered the income of the exporters as well as remittances receivers. A US dollar was exchanged at Rs 74.65 on Friday.
Nepal Rastra Bank, monetary authority of the country, had fixed the exchange rate of a dollar at Rs 75.14 on Sunday. As the greenback gained value against Indian currency, Nepali rupee shed 6 paisa on Monday. But it recorded a whopping gain of 50 paisa against a dollar on Tuesday.
As the demand for greenback went through major upheavals, rupee shed 21 paisa on Wednesday, regained 40 paisa on Thursday and shed 14 paisa again on Friday.
Nepali rupee gained Rs 1.14 against a pound sterling as well, but weakened by 61 paisa against a euro this week. On Friday, a pound sterling was exchanged at Rs 1.14, while a euro was exchanged for Rs 91.59.
Bullion
Gold became dearer by Rs 1.5 per one gram this week. Even though demand for the yellow metal plummeted sharply over the initial trading days, it had bounced back over the latter days of the week, causing the prices to jump yet again. On Friday, gold was traded at Rs 30,715 per 10 grams.
The market had opened with the yellow metal priced Rs 30,700 per 10 grams on Sunday. As international market stabilized, gold price dropped Rs 150 overnight on Monday and further Rs 135 per 10 grams on Tuesday.
But price shot up by Rs 135 on Wednesday and further Rs 85 on Thursday. Gold price had dropped Rs 20 per 10 grams overnight on Friday.
The price of silver jumped up to Rs 483.50 per 10 grams on Friday.
As Nepal fulfills domestic demand of gold and silver through imports, any changes in global prices directly impact the prices in the local market.
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