Fed rate hike: US interest rates hit 14-year high in inflation battle
The US central bank has pushed interest rates to the highest level in almost 15 years as it fights to rein in soaring prices in the world's largest economy, BBC reported.
The Federal Reserve announced it was raising its key rate by another 0.75 percentage points, lifting the target range to 3% to 3.25%.
Borrowing costs are expected to climb more - and remain high, the bank said.
The move comes despite mounting concern that the cost of controlling inflation could be a harsh economic downturn.
Federal Reserve chairman Jerome Powell said the rate rises were necessary to slow demand, easing the pressures putting up prices and avoiding long-term damage to the economy. But he conceded that they will take a toll.
Gold price drops by Rs 500 per tola on Wednesday
The price of gold has dropped by Rs 500 per tola in the domestic market on Wednesday. According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow bullion is being traded at Rs 91, 300 per tola today. It was traded at Rs 91, 800 per tola on Tuesday. Meanwhile, tejabi gold is being traded at Rs 90, 800 per tola today. Similarly, the price of silver is being traded at Rs 1, 170 per tola.
80 percent air tickets booked for Dashain
Eighty percent air tickets have been booked for the Dashain, according to the domestic air service providers. Ticket booking for the festival opened a few days back. According to the Shree Airlines and Guna Airlines, 80 percent of their tickets have been booked for the festival, while the Buddha Air has got its 40 percent tickets booked. Similarly, Yeti Airlines has got its 70 percent ticket booked. Similarly, 70 percent return tickets have been booked. Ghatasthapana, the day when Dashain festival formally begins, is a week away. Now, the charge for domestic flights has increased. The maximum one-way flight fare between Kathmandu and Dhangadhi has been fixed at Rs 17,000 per person against Rs 7,500 in the past. The lowest minimum fare for the Biratnagar-Kathmandu route is 4,500 and maximum Rs 10,000. Air fare soared just after opening ticket booking, said Guna Airlines Spokesperson Prajwal Thapa.
Nepse plunges by 38. 81 points on Tuesday
The Nepal Stock Exchange (NEPSE) plunged by 38. 81 points to close at 1,837.60 points on Tuesday. Similarly, the sensitive index dropped by 7. 00 points to close at 358. 87 points. A total of 3,856,538 unit shares of 231 companies were traded for Rs 1. 22 billion. Meanwhile, Swabhimaan Laghubitta Bittiya Sanstha Limited was the top gainer today with its price surging by 3. 92 percent. Likewise, Kalika Power Company Limited was the top loser with its price dropped by 10. 00 percent. At the end of the day, the total market capitalization stood at Rs 2. 64 trillion.
