The price of gold plunged by Rs. 2,500 per tola (11.664 gm) in a single day to reach Rs. 50,500 per tola in the domestic market on Sunday.
Similarly, the price of the precious silver also dropped by Rs. 50 per tola to Rs. 824 per tola in the market.
The traders have also reopened the business from today itself after the government agreed upon their demands. The government has agreed to formulate the market monitoring guidelines. The bullion market was closed for some 11 days due to the nationwide shut-down protest called by the gold traders and entrepreneurs.
The bullion traders had been protesting against the joint inspection of gold and jewelry shops by the Department of Commerce and Supply Management (DoCSM) and Nepal Bureau of Standards and Metro logy, citing that it was “unsystematic”. nepalnews.com
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Sunday, June 23, 2013
Gold price plunges by Rs. 2,500 per tola
Friday, June 21, 2013
Nepali rupee hits all time low against US dollar
Kathmandu-The Nepali currency has further depreciated to an all time low of Rs. 96 per dollar on Friday as Nepal Rastra Bank has fixed the exchange rate at Rs. 95.99 per dollar.
The rupee has further dipped by Rs. 1.74 from Rs. 94.25 per dollar on Thursday.
The central bank fixes the exchange rate of the Nepali rupee following the change in the Indian Currency (IC) against US dollar.
IC has plunged to a record low of IRs. 59.53 per dollar Thursday.Nepalnews.com
Wednesday, June 12, 2013
Rupee depreciates to new low of Rs. 93.79 per US dollar
The Nepali Rupee further
depreciated to an all time low against the US dollar as Nepal Rastra Bank has
fixed the exchange rate at Rs. 93.79 per dollar for Wednesday.
The devaluation of Nepali
Currency pegged Rs. 0.86 from Tuesday’s 92.93 per dollar following the
depreciation of Indian Currency (IC) against US dollar.
IC has plunged to record low of
IRs. 58.38 per dollar on Tuesday from Monday’s IRs. 57.98 per dollar.
The IC has depreciated
following increased demand for dollars by oil importers, among other factors,
and amid growing investor confidence in the greenback.Nepalnews.com
Tuesday, June 11, 2013
Rupee falls to a historic low of 92.93 agaisnt USD
Nepali rupee plunged to an all-time low of 92.93 against the greenback when markets opened on Tuesday, as per Nepal Rastra Bank, after the Indian currency, with which Nepali rupee is pegged, fell to an all time low. Nepali currency was traded at 91.59 per US dollar on Monday. The previous all-time low was recorded at Rs 91.88 on June 24, 2012.
Although slump in value of currency usually bring smiles on the faces of exporters, this theory does not apply to Nepal as most of the exportable goods -- except few like agri-based products -- are manufactured using imported raw materials. So, slump in value of Nepali currency will make both imports and exports expensive.
However, the depreciation in value of Nepali rupee will bring smiles on the faces of remittance receivers as they will get more Nepali rupee while exchanging every US dollar.
Nepali rupee slipped to an all-time low after Indian currency fell as far as 57.98 against the dollar on Monday.
The downward pressure on Indian rupee began last month when US Federal Reserve Chairman Ben Bernanke suggested the US Federal Reserve"s quantitative easing program might begin to “taper” in September, rather than December as markets had been expecting, according to agencies.
Indian rupee also felt the pressure due to improved US job figures, which raised expectations that the US Federal Reserve quantitative easing program would peter out earlier than expected.
A Bloomberg survey showed that American employers took on 175,000 workers in May, more than the 163,000 median forecast. source-myrepublica.com
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