The rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar on Friday as rising crude oil prices and unabated foreign capital outflows soured sentiment. A sell-off in equity markets and stronger greenback overseas also weighed on the domestic unit, forex traders said. At the interbank foreign exchange market, the local currency opened at 77.81 and witnessed an intra-day high of 77.79 and a low of 77.93 against the US dollar.
Silver maintained its rising streak for the fourth consecutive day and advanced Rs 100 to Rs 42,400 per kg on sustained buying by industrial units.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Traders said scattered buying by retailers amid a firm global trend, where gold climbed to six-month high, and escalating tension in Ukraine mainly boosted demand for the precious metals as a safe haven.
The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency following a recovery in the domestic stocks and weakness in the greenback in overseas markets. The US dollar retreated from the two-decade high levels against a basket of six currencies which supported the rupee sentiment. At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade. ,
The rupee depreciated 6 paise to 77.50 against the US dollar in the opening trade on Wednesday as a surging American currency in the overseas markets and persistent foreign fund outflows weighed on investor sentiment. Besides, rising global crude prices impacted the domestic unit, forex traders said. However, a higher opening in the domestic equity market restricted the rupee's fall, they added.
Gold prices maintained an upward march for the third consecutive day by rising Rs 290 to Rs 30,490 per ten grams in the national capital on sustained buying by stockists amid a firm global trend.
The searches since December 22, which resulted in Jain's arrest, also included searches at the trader's residential/factory premises in Kannauj, wherein about Rs 17 crore in cash, 23 kg of gold and 600 kg sandalwood oil having a market value of about Rs 6 crore have been recovered, the ministry said in a release.
The Congress leader said he has traversed across the country, "but I have not seen violence, hatred anywhere. But I see it on television all the time."
Bihar Chief Minister Nitish Kumar on Thursday said he might not campaign for the by-elections to a couple of assembly segments in the state where his current ally Rashtriya Janata Dal is locked in a straight contest with his former alliance partner Bharatiya Janata Party.
Gold exchange traded funds (ETFs) witnessed a net outflow of Rs 248 crore in February, making it the second consecutive month of withdrawals as investors preferred equities over other segments on record SIP flows. Net outflows from the gold ETFs were at Rs 452 crore in the month of January. Prior to that, the asset class had seen a net investment of Rs 313 crore, according to the data of Association of Mutual Funds in India (Amfi). Despite the outflows, the category witnessed an increase in net assets under management (AUM) of gold ETFs to Rs 18,727 crore at the end of February from Rs 17,839 crore in January-end.
Traders said sluggish demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower.
The AAP claimed that Sisodia would be arrested on Monday and alleged the move was initiated in view of the forthcoming assembly elections in Gujarat where it is in a direct contest with the BJP.
The rupee had closed with a gain of 12 paise on Friday.
Traders said stockists selling against sluggish demand at higher levels mainly led to fall in gold and silver prices.
For a village in Azamgarh, Mubarakpur is an aberration. Its streets are clean, roads well-paved, and no open sewage drains are visible anywhere. Although a few houses look derelict, most bear signs of relative affluence, some even opulence. But that is not attributable to the village's marquee industry - silk saree weaving, which is sold as the "Banarasi silk saree" across India. Rather, it's because of the exodus of its residents and those of neighbouring villages to Saudi Arabia and the money repatriated back home.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Traders said sentiment remained bullish as stockists increased their positions to meet the seasonal demand.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Silver, however, fell for the third straight session by losing Rs 200 to Rs 43,800 per kg on lack of buying support from coin makers and industrial units.
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
Traders said sluggish demand at prevailing higher levels and investors shifting their funds to surging equities mainly kept pressure on gold and silver prices.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
Weak global trend, where gold declined nearly to its lowest level in three months, further dampened the sentiment, they added.
Since he lives locally, Harish Patel is one of the luckier migrant workers in Surat - in that his employer was able to squeeze in a single shift for him at the weaving unit in Kamrej in Gujarat - unlike others who went home for Holi and other festivals just as the second wave of the Covid-19 pandemic was waxing and ended up stranded in local lockdowns.
Traders said sustained buying by stockists to meet the rising demand for the 'Navratras,' an auspicious week in Hindu mythology for making fresh purchases mainly pushed up the prices of the precious metals.
While gold fell by Rs 250 to Rs 30,250 per ten grams, silver lost Rs 475 to Rs 49,025 per kg on reduced offtake by jewellers and industrial units.
Days after two of the Reliance's ready-to-be launched stores were damaged by diverse political groups, one of the outlets at the Uttarpara area of the Hooghly district was covered with Trinamool flags and posters, with no signs of police protection.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on both gold and silver prices for the second straight day.
Traders said low-level buying by stockists and shifting of funds from weakening equity to rising bullion mainly boosted the sentiment.
The rupee's gains came even as most emerging Asian currencies eased as the yuan fell beyond 6.20 to the dollar for the first time since April last year amid market speculation that the central bank will keep the currency weak as economic growth slows.
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
Traders said sustained buying by stockists and retailers for the ongoing marriage season mainly led an upward trend in precious metals.
Traders said sustained selling by stockists on the back of sluggish demand mainly kept pressure on precious metals.
These events have to adhere to COVID-19 guidelines, and organisers will be required to inform the local authorities about these, the official said.
Setting the mood for the assembly elections in Karnataka due next year, former Congress President Rahul Gandhi on Friday exhorted party leaders in the state to work together, as he set an ambitious target to win a minimum of 150 seats.
Yet to come to terms with the poll drubbing, knives are out in the Congress state units against Prithviraj Chavan, Bhupinder Singh Hooda, Tarun Gogoi and Partap Singh Bajwa as there's a gradual crescendo seeking their resignations. Anita Katyal reports.
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
'The government has stopped our earnings due to the lockdown and must do something for our earnings to restart.'
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