RUPEE UP TO 15 PAISE AGAINST U.S DOLLAR
The Indian rupee higher by 15 paise on Friday at 67.95 per dollar versus previous close of 68.10/$.
On the global front, US dollar weakened against the basket of
currencies, while yields on US 10yr bonds were also at two-week low.
Gold prices garnered impressive gains, hitting a two week, while silver
regained US$16/oz mark. Recent volatility in the precious pack is quite
surprising given the fact that trading conditions generally remain quiet
at this time of the year. It seems that retracement in the greenback
and escalating tensions between US and Russia has augmented the safe
haven appetite for the precious pack.
On geopolitical front, Barack Obama administration announced that it is
deporting 35 Russians on the suspicion of espionage and US government is
also imposing sanctions on two Russian intelligence agencies. It will
be interesting to now see what US President elect Trump intends to do on
the same after he assumes power on January 20th. In physical markets,
China’s gold imports from Hong Kong during November declined by 18% on
mom basis, as Chinese regime is restricting import licenses in order to
sustain foreign exchange reserves. Meanwhile, Shanghai Gold Exchange
announced that it will limit the quantity of gold an investor can trade
at one time in order to curb the volatility in prices.
The Indian rupee closed higher on Thursday on fresh selling of the US
currency by banks and exporters. Besides, the dollar’s weakness against
some currencies overseas and a better trend in the domestic equity
market also supported the local currency.
The Indian Rupee closed higher by 14 paise at 68.10/$. The local unit hit a high of 68.37/$ and a low of 68.39/$ today.
The Reserve Bank of India’s (RBI) reference rate as on December 29,
2016, for the dollar stood at 68.12 while for the Euro it was 71.21. The
RBI’s reference rate for the Yen stood at 58.41; reference rate for the
Great Britain Pound (GBP) stood at 83.41.
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