Rupee slips 1 paisa at 73.32 against USD, gold slips by Rs 48

Mumbai, Jun 16 (PTI): The rupee on Wednesday fell by 1 paisa to end at 73.32 (provisional) against the US dollar ahead of the outcome of the US Federal Reserve meeting.
At the interbank foreign exchange market, the rupee opened at 73.29 per dollar as against its previous close of 73.31. It hovered in the range of 73.26 to 73.38 during the day.
The domestic currency has lost 52 paise in the seven trading sessions to Wednesday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 90.50.
“The USDINR spot remains in the mid-range ahead of the Federal Open Market Committee (FOMC) announcement. If the FOMC pushes back tapering talk, it will dismiss the uptrend in spot. Otherwise any hint over the timing of tapering will continue the dollar rally, pushing the USDINR spot higher towards the crucial resistance of 73.50,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
Gupta further said that “a consistent trading above that will push prices towards 73.60-73.75, however a reversal may be bring the spot back to 72.75-73 zone.” Gold in the national capital on Wednesday dipped marginally by Rs 48 to Rs 47,814 per 10 gram amid muted global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,862 per 10 gram.
In contrast, silver rose by Rs 340 to Rs 70,589 per kg, from Rs 70,249 per kg in the previous trade.
In the international market, both gold and silver were trading flat at USD 1,859 per ounce and USD 27.78 per ounce, respectively.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices traded near four-week lows as traders and investors are awaiting outcome from the US FOMC meeting.”
Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, “Gold prices traded steady after a fall witnessed in Tuesday’s session, due to a stronger dollar and an uptick in US yields as investors look forward to the outcome of the the US Federal Reserve meeting.”