Gold price remains stable
KATHMANDU, Dec 28: Nepali rupee strengthened against US dollar this week as Indian currency - with which rupee is pegged - gained amid drop in demand for greenback in the southern neighbor.
Despite minor mid-week drop, gold price remained stable in the domestic market as its prices fluctuated only nominally in the international market amid fast approaching US fiscal troubles.
Nepali rupee gained 48 paisa against a US dollar over the week. It caused import costs to go down, but lowered receipts of exporters and remittance receivers. On Friday, a US dollar was exchanged at Rs 88.07.
Currency trading had opened this week on Sunday with exchange rate of US dollar set at Rs 88.55. As oil price eased thereby strengthening Indian currency, rupee gained 15 paisa against a dollar on Monday. It, however, shed 4 paisa on Tuesday. The exchange rate remained unchanged on Wednesday, but rupee again gained 34 paisa on Thursday and further strengthened by 3 paisa when the market closed on Friday.
Likewise, rupee gained 8 paisa against a euro and strengthened by Rs 1.61 against a pound sterling over the week. A euro closed at Rs 116.84 on Friday, while a pound sterling was exchanged at Rs 142.33 when the market closed this week.
Gold price remained stable over the week as the price of the yellow metal in the international market fluctuated only nominally. The yellow metal was traded at Rs 50,155 per 10 grams (that is Rs 58,501 per tola) on Friday.
Bullion trading had opened this week with gold priced at Rs 50,155 per 10 grams on Sunday. Though its price in the international market rose nominally, owing to rupee´s gain, it remained unchanged for the next two days till Tuesday. Gold fell by Rs 155 per 10 grams on Wednesday, and remained constant on Thursday. The yellow metal, however, became dearer by Rs 155 per 10 grams on Friday as its demand rose in the international market.
The price of silver, on the other hand, went up by Rs 4.5 per 10 grams over the week. On Friday, silver was traded at Rs 947.50 per 10 grams, according to Nepal Gold and Silver Dealers Association.