Rupee falls 19 at Rs 73 against USD, gold falls Rs 116

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Mumbai, Jun 02 (PTI): Extending losses for the third straight session, the rupee on Wednesday fell by another 19 paise to end at 73.09 against the US currency due to a stronger dollar in overseas market and weak domestic equities.
At the interbank foreign exchange market, the rupee opened on a negative note at 73.13 per dollar as against its previous close of 72.90. It hovered in the range of 73.04 to 73.30 per dollar during the day before ending at 73.09.
The domestic currency has lost 64 paise in the three trading sessions to Wednesday.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.35 per cent to 90.14.
“The Indian Rupee depreciated amid strong dollar and muted domestic markets. The US Dollar gained strength amid rise in US treasury yields and improved economic data from the US. Further, surge in crude oil prices added downside pressure,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.
Additionally, market participants remained vigilant ahead of Reserve Bank of India (RBI) monetary policy meeting outcome scheduled to be announced on Friday.
“The central bank is likely to keep its interest rates untouched; more focus will be on statements to get hint on future monetary stance. Rupee may trade in the range of 72.50 to 73.50 in next couple of sessions,” Mukadam added.
Gold slipped by Rs 116 to Rs 48,772 per 10 grams in the national capital on Wednesday in line with a fall in global precious metal prices, according to HDFC Securities.
In the previous trade, it had closed at Rs 48,888 per 10 grams.
Silver also tumbled Rs 1,291 to Rs 70,836 per kg, from Rs 72,127 per kg in the previous trade.
In the international market, gold was trading lower at USD 1,898 per ounce and silver was flat at USD 27.74 per ounce.
“Gold prices traded weak with spot gold prices at COMEX (New York-based commodities exchange) trading at USD 1,898 per ounce on Wednesday,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.