Rupee ends lower; gold prices fall
The rupee stayed under pressure due to weakness in Asian equity markets. Meanwhile the gold prices fell, notwithstanding the marriage season demand.
By PTI |
Rupee ends lower at 39.36/37 vs dollar
MUMBAI: The rupee stayed under pressure due to weakness in Asian equity markets and today ended marginally lower at 39.36/37 against the greenback amid weak dollar overseas and a slowdown in capital inflows.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency moved in a range of 39.33 and 39.45 during the day after resuming weak at 39.42/44 per dollar from previous close of 39.34/35 per dollar.
The rupee was largely influenced by volatile movements in local equity markets, forex dealers said.
Forex dealers attributed the currency's bounce from initial lows to a stocks rally before the midsession.
Foreign Institutional Investors (FIIs) withdrawals, albeit in small quantity, in the last couple of days also weighed on the rupee sentiment.
Dollar remained weak in global markets in the light of concerns of widening impact of credit crisis on the US economy after Glodman Sachs downgraded Citigroup shares, forecasting more write-downs by the bank as a result of mortgage losses.
Meanwhile, traders expected the rupee to remain stronger against dollar in the near future.
Gold loses Rs 115 on weak global cues
NEW DELHI: Notwithstanding the marriage season demand, gold prices fell by Rs 115 to Rs 10,100 per 10 grams on the bullion market today on emergence of selling by stockists due to weak global trend.
Trading sentiment turned bearish following reports that the precious metal has dipped in Singapore by 8.65 dollar, or 1.1 per cent, to 773.10 dollar an ounce, the lowest since October 26.
Marketmen said a weak trend in international markets mainly pulled down the gold prices, even discounting the heavy demand for the current marriage season.
They said most of the world financial markets remained subdued on fears of a further rise in subrprime housing mortgage crisis.
Standard gold and ornaments dipped by Rs.115 each at Rs.10,100 and Rs.9,950 per 10 grams respectively. Sovereign also lost Rs.25 at Rs.8,500 per piece of eight gram.
Silver ready plummeted by Rs.350 to Rs.18,700 per kilo and weekly-based delivery by Rs.325 at Rs.18,735 per kilo. Its coins also traded lower by Rs.100 at Rs.24,800 for buying and Rs.24,900 for selling of 100 coins in line with the general trend.
MUMBAI: The rupee stayed under pressure due to weakness in Asian equity markets and today ended marginally lower at 39.36/37 against the greenback amid weak dollar overseas and a slowdown in capital inflows.
In active trade at the Interbank Foreign Exchange (forex) market, the local currency moved in a range of 39.33 and 39.45 during the day after resuming weak at 39.42/44 per dollar from previous close of 39.34/35 per dollar.
The rupee was largely influenced by volatile movements in local equity markets, forex dealers said.
Forex dealers attributed the currency's bounce from initial lows to a stocks rally before the midsession.
Foreign Institutional Investors (FIIs) withdrawals, albeit in small quantity, in the last couple of days also weighed on the rupee sentiment.
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Dollar remained weak in global markets in the light of concerns of widening impact of credit crisis on the US economy after Glodman Sachs downgraded Citigroup shares, forecasting more write-downs by the bank as a result of mortgage losses.
Meanwhile, traders expected the rupee to remain stronger against dollar in the near future.
Gold loses Rs 115 on weak global cues
NEW DELHI: Notwithstanding the marriage season demand, gold prices fell by Rs 115 to Rs 10,100 per 10 grams on the bullion market today on emergence of selling by stockists due to weak global trend.
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Trading sentiment turned bearish following reports that the precious metal has dipped in Singapore by 8.65 dollar, or 1.1 per cent, to 773.10 dollar an ounce, the lowest since October 26.
Marketmen said a weak trend in international markets mainly pulled down the gold prices, even discounting the heavy demand for the current marriage season.
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They said most of the world financial markets remained subdued on fears of a further rise in subrprime housing mortgage crisis.
Standard gold and ornaments dipped by Rs.115 each at Rs.10,100 and Rs.9,950 per 10 grams respectively. Sovereign also lost Rs.25 at Rs.8,500 per piece of eight gram.
Silver ready plummeted by Rs.350 to Rs.18,700 per kilo and weekly-based delivery by Rs.325 at Rs.18,735 per kilo. Its coins also traded lower by Rs.100 at Rs.24,800 for buying and Rs.24,900 for selling of 100 coins in line with the general trend.
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