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Rupee's fortunes depend on RBI's intent to prevent further weakness: Economists SECTIONS Last Updated: Apr 23, 2021, 05:07 PM IST Share Synopsis The rupee has already lost 2.6% against the dollar so far this month, putting it on the cusp of marking its worst month, since the pandemic hit the country early last year. A fortnightly Reuters poll showed bearish bets on the rupee climbed to their highest since last April, as the surge in infections has halted what had been seen as a promising growth story in the region. Related MUMBAI: The Indian rupee's near-term fortunes may directly be influenced by the Reserve Bank of India's intent on preventing any further depreciation in the currency as the surge in COVID-19 cases hits jobs and growth, economists and traders said.
Domestic spot gold closed at Rs 44,680 per 10 grams on Wednesday, and silver at Rs 66,370 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). "Gold prices traded marginally down at COMEX (New York-based commodities exchange). The rally in equity indices and firm dollar may limit upside in precious metals for the day,'' said Tapan Patel, Senior Analyst, HDFC Securities. In the international market, gold was trading marginally lower at $ 1,711 per ounce and silver was flat at $ 25.78 per ounce. Promoted ''Gold rallied sharply yesterday on correction in US bond yields and US dollar. Gold however eased today as US dollar recouped some losses. While gold sways along with the US dollar, support from US stimulus and Chinese equity market sell-off is countered by weaker investor interest. Gold may continue to sway along with US dollar however a sharp rise is unlikely unless bond yields correct sharply,'' said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
The domestic markets posted strong gains for the second day in a row, thanks to the sharp up-move in automobile and technology stocks. The sentiment was bolstered as the S&P500 index of the US jumped 2 per cent overnight, its biggest-single day surge since June. Though some Asian markets pared gains after China’s top banking regulator raised concerns over asset bubbles, the Indian markets outperformed. The Sensex added 0.9 per cent, or 447 points, to end at 50,297, while the Nifty50 rose 1.1 per cent, or 158 points, to finish at 14,919. On the other hand, Wall Street's major averages dipped after a strong start to March as investors closely monitored the bond market, as well as progress on the next round of fiscal stimulus.