Indian rupee is likely to test 76-76.50 levels as a relatively strong greenback, boiling crude prices and COVID headwinds deepen the depreciation bias for the domestic currency, according to experts. One of the significantly-hit Asian currency in recent months amid uncertain economic times, rupee is expected to see a consolidation in the vicinity of the current level before being pulled towards the depreciation bias. While the equity market has been surging with occasional blips, the rupee has mostly been weak against the US dollar in recent months.
Silver also rose 0.8 per cent to $16.63 an ounce.
Both the government as well as the RBI took a series of steps to curb imports of gold and other non-essential items in addition to increase foreign exchange inflows.
The rupee ended steady against the American currency at 66.19 per dollar at the Interbank Foreign Exchange here today in view of steady dollar in the overseas market.
'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
Benchmark share indices opened lower on Monday, amid weak global cues, as investors turned cautious ahead of the US Federal Reserve stance on interest rate.
The rupee closed almost flat at 65.76 against the US dollar on some demand for the American currency from banks.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
silver coins held steady at Rs 52,000 for buying.
The Congress is planning to call a meeting of Opposition parties in May. It is possible to keep all possibilities open in case Karnataka yields a hung House, leading to a recalibrated Opposition.
Weakness in the greenback overseas against the backdrop of sluggish US macro data outcome helped the home currency move higher
Direct investors should stagger their investments over 1-2 months.
Rupee weakened by 10 paise to end at 66.14 against the dollar due to month-end demand from importers and banks.
The 30-share Sensex closed at 27,112 up by 481 points whereas the Nifty ended higher by 139 points at 8,115.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
On Monday, the rupee gained 16 paise.
A weak dollar against major world currencies supported the domestic unit.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
According to the Singapore Post, Kiribati a Micronesian country is discussing opening up its largest marine reserves to commercial fishing which may serve a dual purpose like a naval base for the Chinese as well.
Silver eased by Rs 150 to Rs 37,100 per kg lacking necessary buying from industrial units.
Les Bleus, who face Poland in the last 16 on Sunday, underperformed at the Education City stadium and only after Kylian Mbappe, Antoine Griezmann and Ousmane Dembele came off the bench did they pose any threat.
Silver also dropped by Rs 900 to Rs 42,500 per kg on poor offtake by industrial units and coin makers.
Snapping their three-day falling trend, gold prices surged by Rs 375 to trade at Rs 26,375 per 10 grams at the bullion market.
A fresh demand for the US currency from importers weighed on rupee.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
After three sessions of weakness, the rupee strengthened by 50 paise against the dollar.
Globally, gold advanced 0.3 per cent to USD 1,179.35 an ounce in Singapore.
Govt restrictions on import biting deep; trade petitions for relief with units, workers idling.
Silver halted its four-day rising trend and declined by Rs 65 to Rs 41,000 per kg.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up by 0.31 per cent at 97.52.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
Oil price have started rising as President Barack Obama's efforts to win backing for a military strike against Syria cleared its first hurdle.
The domestic currency had gained seven paise on Friday.
Sentiment in gold remained bearish, falling for the second day in global markets, as investors weighed on when the US Federal Reserve will slow the pace of bond purchases, traders said.
Based on the GDP numbers and the remarkable stability of the taka Bangladesh's Prime Minister, Sheikh Hasina, is a better manager than our 'economist prime minister',' says TVR Shenoy.
Traders said sentiment bolstered after gold jumped to a one-month high in overseas markets as expectations the US Federal Reserve will sustain stimulus hurt the dollar, and raised demand for precious metals as an alternate investment.
The precious metal had gained Rs 335 in the last two days.
While gold surged by Rs 275 to Rs 27,300 per 10 grams, silver gained Rs 295 to Rs 40,730 per kg on increased offtake by jewellers and industrial units.
The government will release the Index of Industrial Production for July 2015 on Friday, September 11, 2015.
Silver also eased by Rs 50 to Rs 38,800 per kg.
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