Rupee 9 paise higher at 74.18 against USD, gold falls Rs 93

Mumbai, Jun 24 (PTI): The rupee gained for the second straight day and closed 9 paise higher at 74.18 (provisional) against the US dollar on Thursday, supported by a rally in domestic equities and weaker American currency.
At the interbank forex market, the rupee opened at 74.20, and hit an intra-day high of 74.16 and a low of 74.25. It finally finished at 74.18, higher by 9 paise over its last close. On Wednesday, the rupee had settled at 74.27 against the US dollar. “It’s the very quiet session for the forex market as participants waiting for Fed speakers comments and Bank of England’s policy decision. Indian rupee along with other Asian currencies stayed calm and traded in small range,” said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar further noted that so far this month, the rupee has been the worst performing among Asian currencies, bucking the last two years of gain in June month. “The surge in crude oil price and higher broad-based dollar weighed on the rupee,” he added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.08 per cent to 91.72.
Gold in the national capital on Thursday dipped by Rs 93 to Rs 46,283 per 10 grams amid rupee appreciation, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 46,376 per 10 grams.
Silver, however, gained Rs 99 to Rs 66,789 per kg, from Rs 66,690 per kg in the previous trade.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot gold prices for 24 karat in Delhi were down by Rs 93 reflecting overnight weakness in COMEX (New York-based commodity exchange) gold prices and rupee appreciation.”
The Indian rupee inched 9 paise higher to 74.18 against the US dollar in early trade on Thursday.
In the international market, gold was trading marginally higher at USD 1,780 per ounce and silver was flat at USD 25.96 per ounce.
Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, “Gold prices continue to trade in a range amid volatility in US yields and dollar.”