Rupee - Feb 1, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated for the 2nd straight session against the U.S. currency this Monday as the government s higher-than-expected fiscal deficit and speculations that it would impact India s rating.
The Rupee ended at 73.02 compared with 72.95 in the previous session.
According to the Union Budget 2021-22, the fiscal deficit would be pegged at 6.8% of gross domestic product for FY22, while the government has pegged at 9.5% of gross domestic product for FY21. The budget statement also added that the government will try and bring down the fiscal deficit target to 4.5 % of GDP by FY25-26.
Silver futures soar to Rs 73,645 per kg on strong demand; up nearly 15% since January 28
In the futures market, silver for March delivery touched an intra-day high of Rs 73,888 and a low of Rs 71,650 per kg on the MCX.
Silver
Silver prices soared to Rs 73,645 per kg on February 1 as participants increased their long positions as seen by the open interest. The precious metal had gained 4.6 percent last week on the MCX.
The white metal prices started with a gap up trade on February 1 in Asian trade, up by over 4.5 percent amid talks that silver was the new target for the retail crowd and a wave of fresh enthusiasm from online traders.
Gold, silver weekly outlook | Tips for investors and key events to watch out for
Technically, LBMA Gold Spot gave a sharp correction from $1,875 where it ended near 200-DMA, indicating a bearish momentum in the coming week.
Source: Reuters
International and domestic gold prices ended flat to marginally lower this week as a rebound of the US dollar and lack of progress of the US stimulus bill weighed on rates. The yellow metal ended with a mild loss of Rs 34 or 0.07 percent for the week.
While the white metal surged Rs 2,170 or 3.21 percent for the week on a retail frenzy, calls to drive silver prices higher by buying shares in silver miners and exchange-traded funds (ETF) were circulating on social media such as Reddit and Twitter. This forced some traders to cover short positions as rumours rippled through the market about a GameStop-style squeeze driven by retail investors.
Gold may remain choppy, reflecting mixed trade in the dollar, however, rising virus cases and US stimulus expectations may lend some support, experts say.
Crude Oil - Jan 29, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are steady on Friday morning trade and early afternoon trade in Asia as investors looked for fresh triggers in the markets.
Markets will look ahead to cues from the OPEC meeting in February and China s manufacturing Purchasing Managers Index (PMI) data for January this weekend for direction.
Markets will await any signs from the ongoing vaccine development and roll-out over the next few weeks.
Technically, WTI Crude Oil holds support near 21-Daily Moving Average at $51.90 levels indicating a bounce back activity up to $52.20-$52.66 levels. Support is at $51.80-$51.45 levels.