Rupee slips 1 paisa at 73.07 against USD, gold jumps Rs 441

Mumbai, Jun 11 (PTI): The rupee on Friday fell by 1 paisa to end at 73.07 (provisional) against the US dollar amid strengthening of the American currency against key rivals and rising crude oil prices.
At the interbank foreign exchange market, the rupee opened at 72.97 per dollar as against its previous close of 73.06.
It hovered in the range of 72.91 to 73.09 during the day before ending at 73.07.
The domestic currency has lost 27 paise in the last four trading sessions.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15 per cent to 90.21.
“The USDINR spot is hovering around 73 zone, and fears of rising international crude oil prices is leading to importers demand. In spot, the immediate resistance lies around 73.20-73.30, only a consistent trading above that can push prices towards 73.60-73.75 zone while 72.70-72.50 will act as a crucial support,” said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
Gupta further added that “the focus now turns on the big final event, the Fed’s meeting next week, although there may not be much of a shift in rhetoric. If Fed hints that tapering discussion may be closer than before, a knee-jerk spurt may be witnessed in USDINR spot, but Fed won’t rush into tightening the stimulus so overall the dollar will remain soft.”
Gold prices rose Rs 441 to Rs 48,530 per 10 gram in the national capital on Friday, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,089 per 10 gram.
Silver also jumped Rs 1,148 to Rs 71,432 per kg, from Rs 70,284 per kg in the previous trade.
In the international market, gold was quoting marginally lower at USD 1,896 per ounce and silver was flat at USD 28.15 per ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices traded marginally down with spot prices at COMEX (New York-based commodity exchange) trading at USD 1,896 per ounce on Friday.”