As per report the indian rupee appreciated 9 paise to close at 71.20 against the US dollar on friday, a day after the bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi kept key policy rate unchanged and decided to continue with its accommodative stance to support the economy. Meanwhile investor sentiments strengthened after the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india signalled to continue with accommodative stance, while easing crude oil prices also supported the domestic currency, forex traders said.
Furthermore they added heavy selling in domestic equities weighed on the domestic unit and restricted the gains and apparently at the interbank foreign exchange market, the local unit opened at 71.30 and shuttled between a high of 71.19 and a low of 71.43. It finally finished at 71.20, lower by 9 paise. Perhaps the domestic unit had settled at 71.29 against the US dollar on thursday and the local unit registered a gain of 54 paise this week.
Apparently gold prices on thursday fell by Rs 74 to Rs 38,985 per 10 gram in the national capital on rupee appreciation and the precious metal had closed at Rs 39,059 per 10 gram in the previous trade. Also according to hdfc Securities silver also dropped by Rs 771 to Rs 45,539 per kg from Rs 46,310 per kg on Wednesday. hdfc Securities Senior Analyst (Commodities) Tapan patel said "Spot gold for 24 Karat in delhi declined by Rs 74 on rupee appreciation along with strong Asian currencies. The spot rupee was trading 7 paise stronger against the dollar during the day". Moreover gold prices seesawed in the last two days on flipping news about the US-China trade deal. Perhaps in the international market, both gold and silver prices were trading flat. While the yellow metal was trading at USD 1,475.4 per ounce, silver was quoting at USD 16.88 per ounce.