Prices of Gold witnessed a surge today by INR 200 to touch INR 31,850 per for 10 grams. This rise was seen because of the high demand from local jewelers – with consumers look at celebrating ‘Navratri’ . Although, gold rates globally were seen to be steady as dollar pulled back after peaking for almost seven-weeks.
While, silver rates saw a decline by INR 50 to touch a figure of INR 39,200 per kg on live mcx trading in India. This was due to decline in the demand from industrial units as well as coin makers.
In all this, rupee has been seen regaining its position in comparison to Dollar. The rupee has been trading at INR 74.19 against the dollar. This was a 0.26% higher to the close from Tuesday’.
With this, Asian currencies were seen on rise as well. Thai Baht witnessed a surge by 0.23%. Singapore dollar was trading 0.18% higher. Won from South Korea was up by 0.14%.
RBI’s plan to inject close to INR 12,000 crore of liquidity in the system through purchase of government bonds for meeting the demand in the festival season might also support the recovery of the currency against the dollar.
Analysts opine that consistent selling by foreign institutional investors may be further building pressure on the Indian currency. Further, fears of fiscal slippage would weigh on the asset classes in India.
Additionally, government may be considering NRI for pumping in money in the economy for boosting liquidity.
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