Rupee to trade between 83.60 – 84.10 in the near-term says CareEdge Ratings
By Mihika Sharma
The Indian rupee has slightly strengthened over the past trading sessions closing at 83.91 on August 26 compared to 83.95 about a week ago.
A weaker dollar is offering some support to the rupee, however, dollar demand from importers and foreign portfolio outflows from Indian stocks (USD 1.5 billion so far in August, as on August 26) have limited rupee’s gains.
As a result, the rupee has only strengthened by 0.1% over the past week. In comparison, other Asian currencies have seen more significant gains over the same period – the Chinese yuan has appreciated by 0.6%, the South Korean won by 1.6%, the Indonesian rupiah by 1.7%, and both the Philippine peso and the Thai baht by 1.9%.
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Tradebull Securities expect gold to trade sideways amidst tension in West Asia
By Bhavik Patel
Gold prices have declined for last three consecutive days with 22th April (Monday) decline being the biggest in last two years. That being said, gold is still showing a respectable 17.06% gain from one year ago.
The main factor that caused gold prices to drop significantly in a single day (-$60) was the reduction of the risk premium associated with Middle East tensions. The Fed and economic reports are once again in the spotlight. It will be more difficult for the Fed to lower rates if we see strong inflation numbers, and gold may fall below $2,250.
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