Rupee continues to fall against dollar

Mumbai: Gold prices touched a three-week high in the global market, while domestic prices also witnessed an improvement. In the US, funds are buying gold as a safe haven ahead of a policy change by President-elect Donald Trump. The dollar index also reached its highest level in two years. Silver improved against gold. The rupee continued to depreciate against the dollar over the weekend due to firming crude oil prices. An increase in the dollar exchange rate for domestic importers was announced.

The non-GST price of gold at Rs 99.90 per ten grams in the domestic Mumbai market, which had closed at Rs 77,079 on Thursday, closed at Rs 77,504 at the end of the week. 99.50 The price of ten grams also increased to Rs 77194. Prices increased by three percent due to GST. The non-GST price of silver .999 per kg was at Rs 87,167 and closed at Rs 88,121. Prices increased by three percent due to GST.

In Ahmedabad jewelery market, the price of 99.90 per ten grams was Rs 79900 while the price of 99.50 per ten grams was Rs 79700. Silver was .999 per kg which was Rs 88000. The dollar exchange rate for calculating import duty on gold and silver will be increased from Rs 85.95 to Rs 86.60, making imports more expensive.

At the end of the week, gold was quoted at $2657.43 per ounce and silver at $29.80 per ounce in the global market.

The rupee continued to depreciate against the dollar and closed at 85.78 per dollar on Friday as against Thursday’s 85.75 per dollar. The rupee fluctuated between a low of 85.81 and a high of 85.73 and finally closed at 85.78. It is being said in currency market circles that the rupee is under pressure due to the weakness of the Chinese currency Yuan.

Sources said the rupee’s fall on Friday was limited due to possible dollar selling by the Reserve Bank of India. The dollar index also reached its highest level in more than two years at 109.22 points. Apart from the indications that interest rate cuts in America are limited, the US economy is seeing the strength of the dollar.

Crude oil prices were stable. Nymax WTI was at $73.11 per barrel while ICE Brent crude oil was at $75.87 per barrel.

foreign exchange prices