Rupee - Dec 22, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee ended marginally weak against the U.S. dollar, tracking weakness in most regional currencies on concerns that a infectious new coronavirus strain could slow down the prospects of a global economic recovery.
The Rupee ended at 73.84 to the dollar compared with 73.78 on Monday. The rupee had earlier depreciated to a low of 73.95, the weakest in two weeks, but pared losses on dollar sales by foreign banks.
Most of the Asian currencies were weaker against the dollar this Tuesday and weighed on sentiments.
Crude Oil - Dec 22, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices extended losses this Tuesday morning and early afternoon trade in Asia as the rapid spread of a new strain of the novel coronavirus in the U.K. prompted several countries to close their borders to British travellers and freight.
Oil prices were also pulled lower as Dollar Index extended gains this early Tuesday afternoon trade in Asia supported by the safe appeal of the currency.
Looking ahead, markets could look to cues from U.S. GDP data due today and inventory data from American petroleum institute tonight and EIA data due tomorrow.
Gold - Dec 22, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices are trading weak this Tuesday morning and early afternoon trade in Asia as the U.S. Dollar Index was firm this Tuesday early afternoon trade.
The Dollar Index extended gains as a fast-spreading new coronavirus strain prevalent in Britain prompted investors to seek safety in the greenback.
However, downside was capped as the U.S. Congress reached agreement on a long-awaited COVID-19 stimulus package earlier in the day.
The bill will become law once passed by the Senate, where it is now under review, and signed by President Donald Trump.
Silver futures jump nearly 3% to Rs 69,925 per kg on safe haven demand
In the futures market, silver for March delivery touched an intraday high of Rs 71,650 and a low of Rs 68,958 per kg on the MCX.
Silver
Silver prices climbed to Rs 69,925 per kg on December 21 as participants increased their long positions as seen by the open interest. The precious metal had surged 6.54 percent last week on the MCX.
The white metal price rose tracking firmness in gold, speedy distribution of the vaccine in many nations raised hopes of improvement in the global economic outlook thus improving demand for the industrial metal.
Gold - Dec 21, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold was up on Monday morning and early afternoon trade in Asia, supported by news that the U.S. Congress reached a deal on the latest stimulus measures.
The House of Representatives will vote on the bill later in the day, followed by the Senate.
The Dollar Index was also up on Monday morning and early afternoon trade in Asia supported by safe haven appeal for the greenback amid reports of a rapidly spreading new strain of COVID-19 in the U.K., which has seen the country imposing fresh restrictive measures and capped gains for the yellow metal.