Gold steady; silver recovers on global cues 
Posted by on 08 November

Gold steady; silver recovers on global cues 

New Delhi: Gold prices on Tuesday ended steady at Rs 30,850 per 10 grams in scattered deals, while silver recovered by Rs 250 to Rs 43,850 per kg at the bullion market. Traders said apart from a firm trend overseas, increased off-take by industrial units and coin makers at the local spot market led to a recovery in silver prices. Globally, silver rose by 0.69 per cent to $18.28 an ounce and gold by 0.25 per cent to $ 1,284.40 an ounce in Singapore. In the national capital, silver ready rebounded by Rs 250 to Rs 43,850 per kg and weekly-based delivery edged up by Rs 50 to Rs 43,050 per kg. Silver coins, however, continued to be asked at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. On the other hand, gold of 99.9 per cent and 99.5 per cent purity ruled flat at Rs 30,850 and Rs 30,700 per 10 grams, respectively. It had lost Rs 300 in yesterday's trade. Sovereign, too, remained stable at Rs 24,500 per piece of eight grams.
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Rupee recovers 5 paise in opening trade
Posted by on 08 November

Rupee recovers 5 paise in opening trade

Mumbai: The rupee edged higher by 5 paise to 66.69 against the US dollar in early trade on Tuesday on selling of the American currency by exporters and banks amid fresh foreign fund inflows. Forex dealers said a higher opening in domestic equity market and a weak dollar against some other currencies overseas also supported the rupee. Yesterday, the rupee had lost 4 paise against the US currency to end at 66.74 on fresh dollar demand from importers and corporates. Meanwhile, the benchmark BSE Sensex spurted by 141.72 points, or 0.51 per cent, at 27,600.71 in early session today.
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Rupee closes 4 paise down as dollar surges ahead of US poll
Posted by on 07 November

Rupee closes 4 paise down as dollar surges ahead of US poll

Mumbai: Defying a smart rebound in local equities, the rupee on Monday lost 4 paise against the US currency to end at 66.74 on fresh dollar demand from importers and corporates. A rebound in US dollar in response to the FBI announcement clearing Hillary Clinton of any offences heading into the US presidential election and also sustained capital outflows predominantly kept home currency under pressure. Trading, however, remained thin as currency traders preferred to stay on the sidelines and avoided taking any long positions against the backdrop of pre-US election jitters. Meanwhile, domestic bourses made a resounding comeback as sentiment turned calm after the recent storm on world financial markets over the weekend developments. The rupee resumed lower at 66.74 as compared with last closing of 66.70 at the Inter-bank Foreign Exchange (forex) market with the dollar generally stronger across the board. It quickly rebounded to hit an intra-day high of 66.6750 in late morning deals, but the brief attempt to recover ground was capped by fresh dollar demand. The domestic unit fell back to 66.76 on high dollar demand before ending at 66.74, revealing a loss of 4 paise, or 0.06 per cent. The rupee had recovered by five paise against the dollar on Friday. Foreign portfolio investors (FPIs) continued their selling spree for the second straight week and offloaded shares worth USD 225.06 million as per Sebi's record. The near-term outlook for the forex market will be driven by the outcome of the US presidential election and currency traders are likely to maintain caution ahead of the election results in the world's largest economy, a forex dealer said.
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Gold drops Rs 300 on weak global cues
Posted by on 07 November

Gold drops Rs 300 on weak global cues

New Delhi: Gold prices on Monday fell by Rs 300 per ten grams to crack below the 31,000-level and silver by Rs 450 to Rs 43,600 per kg at the bullion market on easing demand from jewellers coupled with weak global cues. Sentiment took a hit after gold tumbled overseas amid positive developments on the US election front, strengthening the dollar and diminishing appeal of the precious metal as a safe-haven, bullion traders said. The FBI has given a clean chit to Hillary Clinton, saying she should not face criminal charges after a review of new emails, an 11th-hour respite for the Democratic presidential candidate that could be a game changer in the tight race for the White House. Globally, gold fell 1.29 per cent to USD 1,287.20 an ounce and silver by 1.17 per cent to USD 18.19 an ounce in Singapore. Besides, fall in demand from jewellers and retailers at prevailing levels at domestic spot market fuelled the downtrend in the precious metals prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 300 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The precious metal had gained Rs 500 in the previous five days. Sovereign also traded lower by Rs 100 to Rs 24,500 per piece of eight grams. Tracking gold, silver ready dropped by Rs 450 to Rs 43,600 per kg and weekly-based delivery by Rs 395 to Rs 43,000 per kg. Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
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Rupee down 5 paise in early trade
Posted by on 07 November

Rupee down 5 paise in early trade

Mumbai: The rupee weakened by 5 paise to 66.75 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market on fresh demand for the American currency from importers. Forex dealers said strength in the dollar against some other currencies overseas after FBI said Hillary Clinton would not face criminal charges over her use of a private email server, easing worries over her US presidential bid, weighed on the rupee but a higher opening in the domestic equities cushioned the impact. The rupee had recovered by five paise against the US currency to end at 66.70 in Friday's trade on strong dollar selling by banks and exporters even as stock markets continued to decline. Meanwhile, the benchmark BSE Sensex soared by 317 points or 1.16 per cent to 27,591.15 in early trade today.
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FDI in India rises 30% to $21.6 billion in April-Sep 
Posted by on 06 November

FDI in India rises 30% to $21.6 billion in April-Sep 

New Delhi: Foreign direct investment (FDI) into the country grew by over 30 per cent to USD 21.62 billion during the first half of 2016-17. During April-September of 2015-16, India received FDI worth USD 16.63 billion, an official said. "Ease of doing business and relaxation in the FDI policy are helping attract more and more FDI. The recent easing in sectors like civil aviation and construction will help in attracting more overseas funds," the official added. The sectors that receive maximum inflows include computer hardware and software, trading business, automobile industry and chemicals. India receives maximum FDI from countries, including Mauritius, Singapore, the Netherlands and Japan. In 2015-16, FDI went up 29 per cent to USD 40 billion as against USD 30.93 billion in the previous fiscal. Foreign investment is considered crucial for India, which needs around USD 1 trillion to overhaul its infrastructure such as ports, airports and highways to put growth on a higher trajectory. Growth in foreign investments helps improve the country's balance of payments (BoP) situation and strengthen the rupee.
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Gold maintains upward trend on global cues
Posted by on 05 November

Gold maintains upward trend on global cues

New Delhi: Gold prices rose for the fifth session in a row, by gaining Rs 100 to Rs 31,150 per ten gram on Saturday, supported by a firm global trend and wedding season demand from jewellers. Silver also retook the Rs 44,000-level by rising Rs 350 to Rs 44,050 per kg following a uptick in demand from coin makers and industrial units. Bullion traders said sentiment remained bullish backed by a firming global trend amid sustained buying by jewellers at domestic spot market, driven by ongoing wedding season. Globally, gold rose by 0.14 per cent to USD 1,304.00 an ounce and silver by 0.44 per cent to USD 18.41 an ounce in New York in yesterday's trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by another Rs 100 each to Rs 31,150 and Rs 31,000 per 10 grams, respectively. The precious metal had gained Rs 400 in the previous four sessions. Sovereign, however, remained unaltered at Rs 24,600 per piece of eight grams in limited deals. Tracking gold, silver ready also surged by Rs 350 to Rs 44,050 per kg and weekly-based delivery by Rs 270 to Rs 43,395 per kg. Silver coins too spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
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RBI issues guidelines for forex hedging by foreign companies
Posted by on 05 November

RBI issues guidelines for forex hedging by foreign companies

Mumbai: Reserve Bank of India (RBI) issued draft guidelines on how Indian subsidiaries of multinational companies can hedge their currency exposure risk in the country. RBI said on Friday that subsidiaries looking to hedge their exposure outside of exports and imports could do so through all foreign currency-rupee derivatives, over-the-counter, and exchange-traded products. It also said profits and losses arising from hedging transactions in India must be reflected in the books of the domestic subsidiaries of multinational companies, among other guidelines. Previously, multinational companies could only hedge currency risk arising out of transactions involving imports and exports. The RBI had said last month that it would widen the scope of activities where hedging was allowed. Market participants and banks can submit their comments about the proposed guidelines by Nov. 11, the RBI said.
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Rupee recoups losses against dollar; closes up 5 paise
Posted by on 04 November

Rupee recoups losses against dollar; closes up 5 paise

Mumbai: The rupee on Friday recovered by 5 paise against the US currency to end at 66.70 on stray dollar selling by banks and exporters even as stock markets continued to decline. In yet another day of range-bound trade, the rupee-dollar outright spot dealings remained quiet due to lack of market-moving factors. Excess volatility and movements of the US dollar in global trade largely weighed on trade during the day, but the home currency withstood the midsession volatile momentum. Continued selling by FIIs in equities and debt on the back of wavering global financial markets restricted the rupee gains, a forex dealer said. The rupee today resumed marginally up at 66.73 compared with Thursday's closing value of 66.75 at the Inter-bank Foreign Exchange (forex) market and confined to narrow trading band 66.70 and 66.7650 through the session as scattered dollar demand was absorbed by the adequate supplies. It finally settled at 66.70, revealing a gain of 5 paise, or 0.07 per cent. The home currency had lost 4 paise yesterday. On the global front, the American currency traded little changed against all major trading partners after a failed attempt to bounce back. The dollar Index, which measures its broader strength against a basket of currencies, was down 0.02 per cent at 97.17 in the afternoon trade. The RBI today fixed the reference rate for the dollar at 66.7219 and euro at 74.0546. In cross-currency trades, the rupee remained under immense pressure against the pound sterling to end at 83.30 from 82.88 and fell back against the euro to close at 74.03 from 73.87 yesterday. It also dropped against the Japanese yen and finished at 65.21 from 64.68 per 100 yens earlier. Meanwhile, domestic bourses plunged to their lowest levels in nearly four months as selloff deepened on growing anxiety among investors over the US presidential election next Tuesday. Foreign investors offloaded equities worth Rs 343.30 crore on net basis today, as per the provisional exchange data. They had sold shares worth a net Rs 706.77 crore yesterday. The benchmark BSE Sensex tumbled over 156 points to end at 27,274.15, while broader Nifty shed 51 points to 8,433.75. In the forward market, premium for dollar declined due to fresh receiving by exporters. The benchmark six-month premium for April moved down to 173.5-175.5 paise from 174.5-176.5 paise and the forward- October 2017 contract edged lower to 349-351 paise from 350.5-352.5 paise yesterday. Crude prices continued to trade with high volatility and on course for their sixth straight day of falls on Friday.  
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Rupee recovers 3 paise against US Dollar
Posted by on 04 November

Rupee recovers 3 paise against US Dollar

Mumbai: The rupee recovered by 3 paise to 66.72 against the dollar in early trade on Friday on mild selling of the US currency by exporters. Forex dealers said further weakness in dollar against other currencies overseas also supported the rupee but a lower opening in the domestic equity market, capped the gains. The rupee had lost 4 paise to close at 66.75 in Thursday’s trade due to fresh demand for the US currency from corporates and banks amid capital outflows from stock markets. Meanwhile, the benchmark BSE Sensex fell by 42.53 points or 0.15 per cent to 27,387.75 in early trade on Friday.  
0 0 50 04 November, 2016 Economy more