Rupee falls to record low of 96.80

Nepali rupee slumped to record low of 96.80 this week as the Indian currency, with which rupee is pegged, continued its losing spree. Despite rupee´s depreciation, gold price went down by Rs 2,055 per 10 grams over the week. Currency Rupee lost a whopping Rs 1.74 against US dollar over the week to close at Rs 96.80 on Friday. The weakening of rupee increased import costs, but raised receipt of exporters as well as remittance receivers. Currency trading opened this week with exchange rate of rupee against US dollar fixed at Rs 95.06 on Sunday. The local currency shed 6 paisa on Monday and another 73 paisa to close at Rs 95.85 on Tuesday after Indian currency weakened against the greenback. Though rupee gained 34 paisa to close at Rs 95.51 on Wednesday, it again shed Rs 1.26 again on Thursday to settle at Rs 96.77. On Friday, the final trading day of the week, rupee lost another 3 paisa to close at a historic low of Rs 96.80. According to Reuters, the Indian rupee rallied on Friday on expectations that a global risk rally would help curb the recent heavy selling by foreign investors, while the government´s push to raise gas prices raised prospects for more fiscal and economic reforms. Though Indian rupee gained on Friday, Nepali rupee could not gain on as Nepal Rastra Bank (NRB) fixes exchange rates for the next day based on trading price of Indian currency with US dollar at 12 noon on the particular day. The local currency also lost 31 paisa against Euro and 44 paisa against British Pound this week. On Friday, Euro was exchanged at Rs 126.12, while British Pound was valued Rs 147.90. Bullion Gold lost its shine this week, as the price of yellow metal went down by Rs 2,055 per 10 grams over the week. The yellow metal closed at Rs 41,240 per 10 grams on Friday - the lowest since 2010. Bullion trading opened this week with gold price fixed at Rs 43,295 per 10 grams on Sunday. Gold became cheaper by Rs 85 on Monday to close at Rs 43,210 per 10 grams. The price continued went down by Rs 170 per 10 grams on Tuesday and Rs 730 per 10 grams on Wednesday. Gold made a nominal gain of Rs 230 per 10 grams to Rs 42,440 per 10 grams on Thursday. On Friday, however, gold lost a whopping Rs 1,400 per 10 grams to close the week´s trading at Rs 41,240 per 10 grams. The price of silver also went down by Rs 21.50 per 10 grams this week. Silver was traded at Rs 681.50 per 10 grams on Friday