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Indian rupee weakens for third consecutive day; Sharp surge in MCX Gold

Indian rupee Mcx GoldThe Indian rupee on Thursday diluted for the third straight session against the US dollar since concern over US President Donald Trump incited a sell-off in emerging market currencies. In the morning hours today, the rupee opened at 64.36 per USD and touched a low of 64.42 and was trading at 64.39 / dollar, down 0.40 percent from its last close of 64.16. The rupee has gained 5.5 percent so forth this year, while FPIs bought 6.94 billion dollar in local equity markets and 9.15 billion dollar in debt markets.

The ten-year bond yield was trading at 6.663% versus to its previous close of 6.679 percent, while Asian currencies were trading on weak note. The dollar index which determines the momentum of US currency, against major currencies was trading at 97.495, down 0.08% from its last close of 97.575.

Meantime, price of Gold continued to gain following political mayhem surrounding globally. Steady buying resumed to emerge in the precious metal after prices tested their 2-month low, while Indian demand remains stable. As per latest data, India’s Gold imports rose 211.35 percent to USD 3,853.10 million in April 2017 from USD 1,237.55 million that was in April 2016. COMEX Gold edged up more in Asia as weak shares aided sentiments. The metal is quoting at USD 1261 per ounce, up 0.15 percent on the day. MCX Gold futures surged nearly Rs 500 per 10 gm, last day to end above Rs 28,600 levels.